Brothers acquires senior apartments in Erie, CO
***Plans to expand site to add new senior housing
DENVER, CO -- Brothers Redevelopment Inc. (BRI) has purchased the 12-unit Victor F. Smith Senior Housing Campus in Erie with plans to upgrade and to expand the affordable complex by 30 or more units over the next few years. Erie Trustees approved the $500,000 deal last week.
Brothers looks forward to continuing improvement of the campus, located on more than 5 acres at 800 High Street. Expanding on the town’s strategic plan, Brothers plans to build a community space for informal gatherings, programs and other services for the older adults who call the campus home, and for other seniors living in the surrounding growing community.
The Town of Erie and Erie Housing Authority had owned the property since 1992, but the town asked BRI in late 2012 to assume operations of the VFS community. Since March 2013, Brothers has spent more than $70,000 in pre-development activities in anticipation of acquiring the property and applying for Low-Income Housing Tax Credits.
“Brothers plans to devote substantial resources to the project over the next several years,” BRI president Jeff Martinez said. “We’ve been honored to work with the town’s staff and Trustees, and feel privileged to fulfill Erie’s vision for the site by developing it into a much larger affordable housing community for seniors.”
Town officials have entrusted Brothers with this stewardship role, Martinez said, because it has demonstrated it can work well with the senior residents, efficiently managing the complex on budget and in compliance with strict standards. Brothers has quickly resolved any tenant concerns as they have arisen and has stepped forward to help any community members struggling physically or financially.
“When at a moment’s notice we needed a reliable partner to step in to care for the tenants of our senior housing complex, we immediately turned to Brothers,” said Erie Town Administrator A.J. Krieger. “We are confident they will continue to provide the secure, safe and enjoyable environment the town desires for our seniors. And we are grateful for Brothers’ continued interest in serving our seniors with compassion and dignity.”