A 22-year-old Denver apartment complex that has homes within reach of low-income households has been sold.
In a statement Thursday, California-based Legacy Partners said it had sold Fox Crossing Apartments at 8350 E. Yale Ave. to Avanath Affordable Housing IV, a California real estate investment company.
Fox Crossing, built in 1997, was developed with federal low-income housing tax credits. Jon Amar, a spokesman for Legacy, said that under the tax program, the complex is required until 2046 to keep the rent on 23 of its 220 units affordable to households that make no more than 40 percent of the area median income. Rent on the remaining 197 units must be affordable for households making between 40 and 50 percent of the area median income.
Denver’s area median income is $92,800 for a family of four. Housing is considered affordable if a family is spending no more than a third of its income on rent.
Legacy will continue to manage Fox Crossing Apartments, which has one-, two- and three-bedroom apartments.
“Over the past three years, our team completed several community-wide upgrades that focused specifically on sustainability — from energy-efficient LED lights to the installation of low-flow water fixtures and appliances,” Spencer Stuart, Legacy’s senior managing director, said in the statement.
Legacy also announced on Thursday that it had sold a complex in Thornton that is not income-restricted. That property, the 300-unit Legacy on the Promenade, was completed last year and was sold to The Praedium Group, a New York real estate investment company.