Grand Lowry Lofts

Grand Lowry Lofts, a mixed-income multi-family property in Denver, CO, was purchased in October 2016. Of the property’s 261 units, 116 are at or below 60% AMI, 84 are at or below 100% AMI and 61 are market-rate. The property was originally constructed in 1939 as officers’ quarters in Lowry Air Force base and was converted into a loft property in 2000.

The Fund secured this purchase off-market from Forest City, as a one-off property outside of the Firm’s portfolio acquisition.

The Fund will capitalize on higher market rents, as in place rents at acquisition were 10-15% below the area average. In addition, the Fund completed rehabilitation work, including in-unit renovations, cooling tower replacement, elevator modernization and exterior building improvements to improve the property and further enhance its marketability.

Residents have access to several amenities throughout the project including an updated community room with a kitchen and TV seating area, computer work station, and a gym. The exterior of the building includes a pool, spa, grills with a new pergola seating area, playground and pet area.