FTK Secures $13.7M Project in Colorado
FTK Construction Services, a nationally recognized General Contractor specializing in Affordable Housing and Low-Income Housing Tax Credit (LIHTC) projects, has embarked on a significant rehabilitation project for Weatherstone Apartments in Aurora, Colorado. This large-scale renovation initiative represents a continued commitment to preserving and enhancing affordable housing options for communities in need.
Project Overview
Originally constructed in 1981, Weatherstone Apartments has long served as a vital housing resource for residents in Aurora. The property last underwent renovations in 2008, and with this new project, FTK aims to modernize the community while ensuring long-term sustainability. Weatherstone Apartments consists of 204 residential units, offering one-, two-, and three-bedroom apartment homes.
The contract for the rehabilitation project is valued at $13,759,700, with the Colorado Housing and Finance Authority (CHFA) serving as the lender. The project owner, Steele Properties, is a Denver-based national real estate investment firm that specializes in acquiring, rehabilitating, and developing new affordable housing rental communities. Steele Properties has built a strong reputation for providing high-quality living environments that prioritize resident well-being and community stability.
Scope of Work and Renovation Plans
The comprehensive renovation of Weatherstone Apartments includes both interior and exterior enhancements, ensuring the property remains a safe, comfortable, and attractive place to live. The scope of work includes:
Interior Renovations:
- New paint throughout all units to provide a fresh and modern look
- Upgraded kitchen and bathroom countertops for enhanced durability and aesthetics
- Replacement of outdated cabinets with new, high-quality cabinetry
- Installation of new flooring to improve both comfort and longevity
- Modernization of bathroom fixtures, including new plumbing features
- HVAC replacements to improve energy efficiency and indoor air quality
Exterior and Community Improvements:
- Fresh paint for the building exteriors, giving the property a renewed curb appeal
- Pavement repairs and upgrades to enhance parking areas and pathways
- Upgrades to the on-site playground, providing a safer and more engaging space for children
- Landscaping enhancements to improve the overall environment and green spaces
- Accessibility improvements to ensure compliance with ADA standards and to better serve residents with disabilities
- Additional property enhancements to support long-term sustainability and resident satisfaction
Project Timeline
The rehabilitation of Weatherstone Apartments is set for completion by March 2026. The project timeline reflects the need for careful planning and execution, ensuring minimal disruption to current residents while maximizing the quality of improvements. Throughout the construction process, FTK Construction Services will work closely with Steele Properties and CHFA to uphold the highest standards of safety, efficiency, and excellence.
Strengthening Partnerships in Affordable Housing
Jim Goodman, CEO of FTK Construction Services, emphasized the significance of the company’s collaboration with Steele Properties, stating:
“We are very appreciative of the long-standing relationship that we have with Steele Properties. It’s a relationship that is based on mutual respect and transparency. They are a renowned nationwide leader in the Affordable Housing industry, and we are grateful to be part of their initiative to provide more quality affordable housing across the U.S.”
This strong partnership underscores the shared mission of both organizations: to improve the availability and quality of affordable housing for individuals and families across the country. By combining Steele Properties’ expertise in real estate investment with FTK’s extensive construction capabilities, this project is set to make a lasting impact on the Aurora community.
The Importance of Affordable Housing Preservation
As demand for affordable housing continues to rise, preservation projects like the rehabilitation of Weatherstone Apartments play a crucial role in addressing housing challenges. Many aging affordable housing properties require significant updates to meet modern living standards, improve energy efficiency, and ensure long-term viability. Investments in property preservation not only enhance living conditions for current residents but also help sustain the availability of affordable housing for future generations.
The collaboration between FTK Construction Services and Steele Properties highlights the essential role that public and private partnerships play in preserving and revitalizing affordable housing communities. Through strategic investments and careful planning, these initiatives support economic stability, community development, and improved quality of life for residents.r reputation for delivering high-quality, cost-effective, and timely projects has made them a trusted partner in the affordable housing sector.
