Colorado's latest round of Low Income Housing Tax Credit awards will support the creation of more than 600 affordable homes statewide, with several projects located in the Denver metro area. The allocations reflect continued demand for LIHTC equity financing as the primary tool for producing deeply affordable rental units.
The Colorado Housing and Finance Authority announced its 2026 Round 1 Low Income Housing Tax Credit awards, supporting the creation of more than 600 affordable homes across Colorado including projects in Denver. The awards leverage federal LIHTC equity to fund new construction and preservation of affordable multifamily housing throughout the state.
The City of Denver approved the use of Vibrant Denver bond funds to acquire the former Colorado Department of Labor and Employment office building for conversion to affordable housing. The acquisition represents a significant public-sector effort to repurpose underutilized government properties into deed-restricted residential units.
CBRE Denver Multifamily Figures Q1 2026: average price per unit fell 18.7% QoQ to $224K (-19.9% YoY). 12-month trailing average $307K/unit — 17% below 2021 peak of $369K. Investment sales volume $289M in Q1 vs $893M Q1 2025. Pricing under pressure as institutional buyers stepped back.
Colorado, CHFA, and the City of Denver announced a unified first step toward a common application platform for affordable housing development financing, aiming to reduce administrative burden for developers. The initiative is expected to streamline access to state and local funding sources and accelerate pipeline delivery of affordable units.
A $16.7 million equity investment is financing a new neuro-inclusive affordable housing community in the Denver metro area, designed specifically to serve residents with neurological differences. The deal highlights a growing niche in the affordable housing sector pairing specialized design with LIHTC equity financing.
Denver's multifamily development pipeline has dropped to its lowest level in five years, signaling a meaningful cooldown in new supply entering the market. The pullback is expected to improve fundamentals for existing affordable and market-rate operators as absorption catches up with current inventory.
WK Real Estate listed Tallmadge & Boyer Block (2926 N Zuni St, LoHi, 28 LIHTC units, covenant expired 2022) at $6.85M. Pending June 23 2025, closed Nov 25 2025 for $6.45M to TAG Zuni LLC. Listing copy explicitly framed the deal as full market repositioning post-expiration — the smoking-gun proof of concept for the Ranking B conversion thesis.
Colorado State Housing Board approved $68.4M in H1 2025 funding 2,228 affordable units across the state. Includes $3.1M for Elevation Community Land Trust 62-unit Denver acquisition; $5.3M for Denver Dry Goods preservation; $6.2M for 1600 Pearl St 158-unit development. Preservation cost runs 30-50% less per unit than new construction.
Marti & Larry Page's Anchor Investments operates ~500 metro Denver apartments under the TAG Apartments brand. Focus: 20-200 unit value-add workforce housing in Denver MSA, Colorado Springs, mountain communities. Investment thesis: partial/full renovations, operational efficiencies, sustainability upgrades, minimize turnover. Confirmed Denver expiring-LIHTC acquirer — University Hills 2022, Tallmadge & Boyer 2025, Grand Lowry 2025 (high probability).
Jonathan Rose Companies (2016 acquirer) sold Grand Lowry Lofts (200 N Rampart Way, 261 units, 44% restricted, rolloff 2030) for $36.5M on March 31 2025. Buyer SPV TAG Lowry LLC was incorporated Feb 26 2025 at 290 Fillmore St — registered c/o Camber Realty. High likelihood Anchor Investments / TAG Apartments affiliate based on naming convention shared with TAG Zuni.
RedPeak acquired Trocadero Apartments at Highlands Garden Village (3707 Winona Ct / 4700 W 38th Ave, 74 units, only 25% LIHTC-restricted at 50% AMI, rolloff 2032). Deal closed July 2024 for $26.9M ($363K/u — premium $/unit reflects low restriction ratio).
Northmarq's Denver multifamily team closed Eagle Villas (Eagle CO, 120 units LIHTC Phase I + Phase II, Phase I LURA expiring 2025) for $39M in June 2024 — $325K/unit. Buyer Ulysses Development Group with Eagle County Housing Authority + DOLA — instituted new 60-yr LURA. Most directly comparable LIHTC rolloff-preservation buy on record for our model.
Local government has right of first offer + first refusal on multifamily 5+ unit affordable properties with restricted covenants. Sellers must give 2-year notice to local government + CHFA before final covenant expiration. Material friction layer for any expiring-affordability disposition strategy — increases off-market value because brokerage timeline gets compressed.
Ulysses Development Group acquired Columbine Towers (1750 S Federal Blvd, 170 units, Affordable Project-Based HAP, built 1964) for $34M ($200K/u) via Colliers in April 2024. RAD 2 conversion preserves 149 units with 20-yr Section 8 contract + 21 units at 80% AMI. Financed by Denver HOST $10M, DOLA $5M, Impact Development Fund $4.7M, Bellwether/Freddie $27.7M.
Anchor Investments (Marti & Larry Page, Denver) acquired Residences at University Hills (2775 S Brook Dr, 101 senior units, 22% restricted, built 2014) via Berkadia for $29.5M in August 2022. Marketed for value-add partial market-rate conversion. This is the first of three confirmed Anchor Denver acquisitions over 2022-2025 totaling $72.4M.