#541: The $31M Solution for the Forgotten Middle: Affordable Workforce Housing

Want to learn how to turn a $5/sq ft land deal into a lucrative workforce housing development? In this episode, Chris Lopez sits down with Adam Fenton of Narrate Holdings to dive deep into a 120-unit ground-up development project in Northern Colorado Springs. Adam reveals how they acquired prime land near a rapidly growing university for a fraction of typical multifamily costs, setting the stage for impressive returns. Key highlights: How they’re targeting the underserved “forgotten middle” with high-quality workforce housing The clever architectural choices saved millions in construction costs Securing game-changing 40-year fixed rate HUD financing in today’s challenging market Projected 7.5% cash-on-cash returns and mid-20s IRR Adam breaks down the full pro forma, sharing invaluable insights on unit mix, income projections, operating expenses, and exit strategies. Whether you’re a seasoned developer or just getting started, this episode offers a masterclass in identifying opportunities and executing profitable multifamily projects in any market conditions. Don’t miss this inside look at a deal poised to deliver both strong investor returns and much-needed housing for working families! https://youtu.be/6Vnju3xhSg0 Timestamps (01:13) Location and Business Plan of the Development (03:28) Acquiring the Land and Financing the Project (07:24) Architectural Design and Unit Mix (12:19) Analyzing Costs and Projected Returns (23:40) Workforce Development Project Exit Links to Podcast Interested in learning more about Narrate? Schedule a call with our team here Visit Narrate Holdings Website Check out our other Narrate podcasts: Episode 499: How this Developer’s Creative Debt Financing Strategy Helps Them Stand Out w/ Adam Fenton Episode 501: Real Estate Development from Concept to Reality | Deal Analysis Who is Narrate Holdings? Narrate is a Denver-based firm specializing in the investment and development of urban-infill multifamily and mixed-use real estate in major metropolitan markets throughout the Western U.S. They ensure that each project, created to collaborate community, culture, and commerce, delivers enduring value to its local environment. Narrate’s portfolio includes a diversified mix of ground-up development, existing value-add, and adaptive reuse properties. Our investment thesis relies on patience and discipline, focusing exclusively on well-located but underperforming assets that offer immediate value creation and long-term stability. Disclaimer: This podcast provides educational and informational content only. It does not constitute personalized financial, legal, or tax advice.