Grovewood purchased Lara Lea Apartments in 2005 and promptly made long-deferred roof-to-landscape updates to across the entire property. At the time of acquisition, Arapahoe County was directing funding towards preserving and refreshing existing multifamily units in response to market conditions. Lara Lea Apartments offers rents affordable to households earning incomes at 60% of Area Median Income (AMI) and below, providing 36 units of quality affordable housing in Littleton. The three-story walk-up community offers one-, two- and three-bedroom floorplans, catering to modest-income individuals and small families. Originally built in 1973, Lara Lea Apartments gives residents easy access to public transportation, shopping, and outdoor recreation. We are proud that many who lived at Lara Lea at the time of its acquisition 18 years ago still call Lara Lea home today.
Funding Sources:
Funding Sources: 9% LIHTC – US Bancorp Community Development Corporation Equity Investor; Arapahoe County and Colorado Division of Housing HOME (2 separate grants); FHLBank Affordable Housing Program Grant – Colorado State Bank & Trust Sponsor; Governor’s Energy Office grant; South Metro Housing Options patient loan; Colorado State Bank & Trust Permanent Financing.
