Ulysses Scores $67 Million for Affordable Homes Near Denver

Ulysses Development Group has secured $67 in financing to build a 152-unit affordable housing complex outside Denver.

The Denver-based developer landed the funds to construct the four-story building at 11801 Wadsworth Boulevard, in Broomfield, about 16 miles north of Denver, the Denver Business Journal reported. A groundbreaking is set for June 11.

The financing stems from $42 million in construction loans from U.S. Bank, $20 million in federal low-income housing tax credits, $4.8 million in state tax credits from the Colorado Housing and Finance Authority, $2.6 million in HOME Investment Partnerships Program funding and eight Section 811 vouchers from the Colorado Department of Local Affairs.

The city of Broomfield contributed $4 million, and $1.8 million came from the Colorado Clean Energy Fund.

Plans for the project, dubbed Harvest Hills, include a 160,000-square-foot complex with one-, two- and three-bedroom apartments between 624 to 1,161 square feet for households earning between 30 percent and 70 percent of area median income.

The complex will include a pocket park, fitness center, outdoor grills, an event and craft room, and on-site leasing offices. The apartments will have stone countertops, energy-saving appliances and washers and dryers.

The transit-oriented project will rise within a quarter of a mile of RTD’s Broomfield Station. The project is expected to be completed in spring 2027.

Ulysses, founded in 2021 by Yoni Gruskin and Connor Larr, acquires and invests in affordable housing. The company owns 2,000 affordable units in five states, with 600 homes under construction and 1,700 homes in the pipeline, according to its website.

— Dana Bartholomew