Greccio Housing has purchased Unitah Park and Unitah Terrace Apartments, located at 2525 & 2531 E.Unitah Street, adding 36 apartment units to its affordable housing portfolio. Greccio Housing now owns and/or manages 19 properties with 387 apartment units. All properties are located in Colorado Springs and are dispersed throughout the city to best meet the community’s affordable housing needs. Uintah Park Apartments contains 21 units, while Uintah Terrace contains 15 units. The properties are situated next to each other approximately one-quarter mile west of Circle Drive.
This is Greccio’s first property purchase since October 2009, when it purchased Bentley Commons Apartments, and is expected to be the first of 2 such transactions over the next few weeks. Greccio Housing’s Executive Director, Lee Patke is excited to be acquiring these needed properties for Greccio, stating, “these units will provide many individuals and families with needed access to stable, safe, and supportive living opportunities for generations to come.”
The properties were purchased through collaborative relationships with Ent Federal Credit Union, the City of Colorado Springs Office of Housing Development, and the El Paso County Housing Authority. Greccio also credits the State of Colorado’s Division of Housing for its ongoing support for the acquisition and rehab of numerous projects that Greccio oversees. The total acquisition price was $1,176,415.