Arapahoe County is eyeing a deal that could lock in long-term affordability at the Reserve at South Creek, a multi-building apartment complex on the county's southeast edge. The proposal would preserve the development's existing income-restricted homes and flip nearly 100 market-rate units into rent-restricted apartments, all targeted to households at or below 60% of the area median income. The Arapahoe County Housing Authority is scheduled to take up the plan next Tuesday.
Under the proposal, April Housing would keep the property's 69 existing affordable units in place and re-price the other 99 market-rate apartments so that every home at the complex serves households earning 60% or less of the area median income. The county would also receive a 1% ownership stake if the deal goes through, according to Denver7. April Housing would then pursue another round of low-income housing tax credits and bond financing, a re-syndication that would pay for renovations and safety upgrades. Perica Bell, April's managing director and head of preservation, told local reporters that the timing of those tax credits and bonds will largely determine when the work actually happens.
Reserve at South Creek, by the numbers
The Reserve at South Creek sits near South Jordan Road and East Broncos Parkway and includes about 168 units, a figure that matches the counts in the preservation proposal, according to property listings. RentCafe lists the community and its unit total, confirming the scope of what is on the table.
Who is April Housing
April Housing, based in Los Angeles, is a preservation-focused firm that manages a large portfolio of properties financed with low-income housing tax credits and has been active in resyndication deals that extend affordability and fund renovation work. The company identifies Perica Bell as its head of preservation on its leadership page and has highlighted prior resyndications where it converted market-rate units and invested in capital improvements, according to company materials. See April Housing and a recent announcement from April Housing for examples.
How the financing would work
The planned redevelopment would hinge on re-syndication, applying for a fresh round of low-income housing tax credits and tax-exempt private activity bonds. That process typically dictates both the scale of renovations and the construction calendar. Bell said the timeline "could be as fast as the end of the year" or could stretch longer depending on state tax-credit and bond cycles, as reported by Denver7. Colorado's Department of Local Affairs publishes commitment and filing calendars for tax credits and related housing finance programs, which in turn shape when projects can close and begin construction, according to DOLA.
Why it matters locally
Arapahoe County has been moving to beef up its housing tools and spending in recent budget and planning decisions, dedicating funds for rental assistance and affordable-housing programs that make preservation deals more appealing to local officials. The county's 2026 budget included targeted investments aimed at housing stability and preservation, reflecting broader policy priorities. Coverage of that budget and the county's housing investments helps explain why a preservation purchase at an existing complex lines up with those goals, according to the Denver Gazette.
The Arapahoe County Housing Authority's decision next Tuesday will determine whether April Housing can move the Reserve at South Creek into the state tax-credit and bond application phase. If the deal is approved, the project would aim to preserve affordability for decades while paying for building-wide renovations and safety improvements. We will track the board meeting and update coverage after the authority issues its decision.
