Baron Properties Buys Affordable Housing Project

This month, Baron will begin a $2.8-million upgrade including new cabinets, countertops, ceramic tiles, doors, appliances, windows and exterior improvements. Baron purchased Semper Village in a partnership with the Adams County Housing Authority. The deal was financed with tax credits and private equity bonds.

The community will be marketed to residents earning 50%, 55% and 60% of the median income for Adams County. "The acquisition represents our continued commitment to provide high quality affordable housing to the community" says Bryan Stern, principal of Baron Properties.

The community is near shopping, restaurants and within walking distance to the RTD transit station. The garden style units include individual fireplaces, air conditioning and patios. On-site amenities include an outdoor pool, spa and a newly renovated community center with a fitness room, large screen television, fireplace and a gourmet kitchen.

As part of the repositioning of the project, the name will be changed to Toscana Apartments to reflect the architecture of the property. "Given the stronger job growth and office absorption in the northwest, we feel this submarket is poised to lead the metro Denver multi-family recovery," Stern says. He is optimistic about the long-term prospects of multifamily investments in the Denver metro area and is actively looking to acquire more properties.

Baron currently owns and manages 3,500 units in Denver, Colorado Springs and Austin, Texas. Baron also provides third party management services for market rate and affordable housing communities.