COLORADO SPRINGS, CO - Lincoln Avenue Capital (LAC), a mission-driven acquirer and developer of affordable housing, broke ground on InterQuest Ridge Apartments during a ceremony with local officials, nonprofit leaders, and financing partners. LAC's first-ever ground-up development represents an exciting new avenue for the company to continue growing its nationwide portfolio and expanding its impact to communities where families and individuals lack access to affordable homes.
"At Lincoln Avenue Capital, we're always seeking new and innovative ways to provide high-quality, affordable housing in communities that need it most," said LAC CEO Jeremy Bronfman. "We are thrilled to officially break ground on InterQuest Ridge and grateful to the state and local officials, nonprofits, and financing partners who helped make this a reality. We hope this valuable collaboration will serve as a model for generating new ground-up deals in Colorado and across the nation."
Upon completion expected in 2024, InterQuest Ridge will provide 240 units for working families and individuals in northern Colorado Springs, an area of the city with a high rent burden for local workers. The property will include a range of sustainability features and community amenities, such as a clubhouse, playground, outdoor pool area, fitness and yoga rooms, and covered barbeque pavilion.
InterQuest Ridge will support the housing needs of underserved veterans and their families in Colorado Springs, which has one of the highest veteran populations in the country, by designating 20 units for veterans associated with the Mt. Carmel Veterans Service Center and their families.
"As an impact-driven company, we're committed to making it easier for people to live where they work in communities like northern Colorado Springs where more affordable homes are needed," said Ben Taylor, LAC Vice President and Project Partner. "We're especially proud that InterQuest Ridge will prioritize quality apartments for veterans and their families facing an affordable housing crisis here and throughout Colorado."
The groundbreaking event was attended by representatives from the Mt. Carmel Veterans Service Center, City of Colorado Springs, Colorado Springs Housing Authority, State of Colorado and El Paso County, among many others. Following remarks, LAC leaders and local officials formally broke ground on a section of the property, backed by the scenic Front Range mountains and Pikes Peak.