151 Affordable Units Break Ground on Former CDOT Site
Kentro Group, a Denver-based, privately-held real estate investment and development firm, and Lexton McDermott, a multifamily real estate development leader based in Centennial, have broken ground on Krisana Apartments, 151 units of deed-restricted, affordable housing located on the former CDOT headquarters site at 4343 E. Arkansas Avenue, Denver.
Pinkard Construction is the general contractor and Lewis Himes Associates is the architect for the project.
The Krisana Apartments will be available for residents who earn up to 60% of the Area Median Income (AMI), with an upper limit of $49,260 in annual gross income for a single-person household or up to $70,320 for a four-person household, which are benchmarks established by the Colorado Housing Finance Authority (CHFA).
“The Krisana Apartments are the perfect kick-off for the Master Plan redevelopment of the former CDOT property,” said Jimmy Balafas, Kentro Group principal and co-founder. “Affordable housing has been a priority for us since our first involvement in the redevelopment of former CDOT property back in 2017, and it has remained a critical part of the mix through countless meetings with the community and stakeholders. There’s a housing crisis here in Denver, and we’re committed to making this contribution to help solve the housing gap.”
Krisana Apartments will include 21 studio, 71 one-bedroom, and 59 two-bedroom affordable homes equipped with Energy Star-rated appliances, central air conditioning, laundry facilities, a fitness center, courtyard, social room, and secured bike storage area, among other amenities. The RTD Route 46 bus line stops directly in front of Krisana at Birch Street and Arkansas Ave., which connects to the RTD Light Rail stop at Colorado Station.
The Krisana Apartments are 100% electric-powered and have received funding from the City and County of Denver through the New Building Electrification Pilot Program, a part of the Energize Denver Electrification Program.
The project is slated for completion in the fall of 2024.
A Second Collaboration
Virginia Village is home to another Lexton McDermott/Kentro Group affordable housing collaboration. The recently opened Lynwood Senior Apartments features 62 units reserved for income-restricted seniors and will likely be 100% leased by the end of April 2023.
“In partnership with Kentro Group, we will have added 213 affordable housing units in Denver by the end of 2024,” said Arthur McDermott, a Lexton McDermott co-founder. ”This new construction adds valuable inventory to an underserved marketplace, and we’re pleased to be part of a much-needed, long-term solution to provide fantastic homes to worthy Denverites.”
Cris White, CEO and executive director of the Colorado Housing and Finance Authority, helped the Kentro Group/Lexton McDermott joint venture secure a four percent affordable housing tax credit in 2021, and noted that, “Ensuring affordable and equitable access to housing is critical for every family’s and community’s ability to thrive. We have a nearly 50-year history of investing in developments that advance this goal and the Krisana Apartments check-off all the criteria for a great affordable housing project.”