Quail Village is restricted by a Low-Income Housing Tax Credit (LIHTC) Land Use Restriction Agreement (LURA) requiring 60% of units to be income and rent-restricted at 40% of Area Median Income (AMI) through 2040.

Built in 2000, the Property is three-story garden-style built with wood-frame and slanted asphalt shingle roofs. The Property offers large 2x2 and 3x2 unit floorplans with walk-in closets and W/D connections. At the time of purchase the Property had 19 years of restrictions remaining on its affordable units, with a $400+ gap from the restricted rents to the market-rate units at the Property. Additionally, there is potential for value-add unit renovations on the market-rate units, as there is a $600+ rent gap to renovated market-rate product in the market.

The all-in investment basis of $197,356/unit reflects a significant discount to both replacement cost and comparable sales of multifamily properties in the area. The replacement cost for a similar construction type is estimated between $250,000-$275,000/unit in Boulder County.

At the time of purchase, the most recent sale of a market rate property in Longmont sold for $256,977/unit (built-in 1998). The most recent sale of a LIHTC property sold for $237,500/unit (built-in 1996) just 12 miles south in Lafayette. 

Purchased by KDF with its own equity in June 2020.