Permanently affordable housing stabilizes housing costs which enables families who may not have been able to become homeowners to buy a home. Last week 13 townhomes in Boulder's Gunbarrel neighborhood were purchased by Elevation Community Land Trust and will be converted to permanently affordable housing.
The homes on Barnacle and Starboard streets in the Twin Lakes area of Gunbarrel were investment properties owned by late University of Colorado professor David Feng and CU engineering professor emeritus Hon-Yim Ko.
WK Real Estate broker Eric Rutherford worked with Ko and Feng on previous real estate deals and ultimately connected Ko to the land trust.
The Feng Family sold the properties, each of which are roughly 1,500 square feet, for a total of just over $3.1 million — less than $240,000 per unit in a city where the median sales price hovers near $1 million.
The townhomes are currently occupied by renters, but as tenants leave, the homes will be renovated and sold in partnership with Flatirons Habitat for Humanity.
Congratulations Eric on this recent transaction!