Investment Overview

Baltimore Avenue Apartments is a 76-unit affordable multifamily community located at 3520–3540 Baltimore Avenue and 2036–2038 Kachina Drive in Pueblo, Colorado. Constructed between 1998 and 2003, the property consists of a well-balanced mix of two- and three-bedroom apartment homes situated across more than 6.4 acres. The community offers spacious floor plans ranging from approximately 773 to 1,043 square feet, providing housing options that appeal to families and workforce households seeking quality, attainable housing in one of Southern Colorado’s largest employment centers. The property operates under a Land Use Regulation Agreement (LURA), providing investors with a stabilized affordable housing asset supported by long-term rent restrictions that preserve housing affordability while creating a durable source of demand. The affordability restrictions are diversified across multiple Area Median Income (AMI) levels, with units designated at 40%, 50%, and 60% AMI, broadening the property’s accessibility to a wide range of qualified residents. The existing affordability covenants extend through approximately 2040 to 2044, providing long-term regulatory certainty and positioning the asset as an important component of Pueblo’s affordable housing inventory. With approximately 14 to 18 years of remaining affordability term, Baltimore Avenue Apartments offers investors the opportunity to acquire a well-maintained affordable housing community with durable cash flow in one of Southern Colorado’s most important workforce housing markets. Pueblo continues to experience strong demand for attainable housing as rising homeownership costs and limited new affordable development have increased reliance on professionally managed income-restricted communities. Additionally, the property’s affordability restrictions position Baltimore Avenue Apartments to trade at a meaningful discount to comparable market-rate multifamily assets, providing investors with an attractive basis relative to replacement cost. This discounted acquisition profile, combined with long-term affordability protections, stable occupancy demand, and staggered LURA expiration dates extending through the mid-2040s, creates a compelling long-term investment opportunity. Investors benefit from predictable operations throughout the remaining compliance period while maintaining meaningful appreciation potential as the affordability agreements approach expiration.