Archway Communities, Inc., a faith-based affordable housing nonprofit, closed on the purchase of Montview Manor located at 1663 Steele Street, Denver, on December 14, 2022, adding the 13-story building to its existing portfolio of 10 properties. The 88-unit property is located half a block off of City Park and serves seniors who are 62+ years old. A purchase price was not disclosed.
Archway purchased the building from the Montview Building Corporation, an affiliate of the Montview Presbyterian Church. Archway’s mission alignment and commitment to avoid displacing existing residents were distinguishing factors in its selection by the Montview Building Corporation. A purchase price was not disclosed.
Built in 1962, Montview has a remarkable top-floor common area with a kitchen and rooftop deck where residents can enjoy 360-degree views of Denver, the foothills, City Park, and the Denver Zoo. The property offers a variety of floor plans, including a guest suite for visiting family.
Some units at Montview Manor recently received upgrades including new appliances, windows, flooring, and plumbing fixtures. Archway intends to assess and update the remaining units as needed.
Julie Stern, director of Real Estate for Archway, stated, “You might think it would be easier to preserve existing affordable housing rather than build new housing, but there are many challenges, especially for a mixed-income property such as Montview Manor. We pushed the envelope on how to finance “naturally occurring affordable housing” (NOAH) preservation and are grateful for the support of our funding partners.”
Financing for Montview Manor included:
First mortgage through Impact Development Fund (IDF), a local CDFI
A new secondary financing product from CHFA, designed to support preservation projects
Acquisition financing from the Colorado Department of Housing
Grant and loan funds from the City of Denver, through the Department of Housing Stability
Sebastian Corradino, Archway Communities CEO, “This is a “naturally occurring affordable housing” community that did not have formal long-term rent restrictions. In other words, it could have easily been converted to a market-rate apartment project. We are proud to have partnered with the Montview Building Corporation to ensure that this property will remain affordable to low and moderate-income seniors for many years to come.”