FTK Construction Services begins $14m renovation of Weatherstone Apartments in Colorado

FTK Construction Services, a national general contractor specializing in affordable housing rehabilitation, has launched an extensive renovation of Weatherstone Apartments in Aurora, Colorado. The project, valued at $13.7 million, is financed by the Colorado Housing and Finance Authority (CHFA) and is set for completion by March 2026.

Weatherstone Apartments, originally constructed in 1981, underwent its last major renovation in 2008. The 204-unit community, which features a mix of one-, two-, and three-bedroom apartments, is owned by Steele Properties, a Denver-based real estate investment firm that focuses on acquiring and modernizing affordable housing communities.

The project is a significant step toward preserving and upgrading affordable housing infrastructure, ensuring long-term viability for low-income residents while enhancing living conditions through comprehensive interior and exterior improvements.

What Are the Planned Renovations for Weatherstone Apartments?

The Weatherstone Apartments renovation will encompass a range of modern upgrades designed to improve both the aesthetic appeal and functionality of the property. The interior renovations will focus on new cabinetry, countertops, upgraded plumbing fixtures, flooring replacements, HVAC system updates, and fresh paint throughout the units. The enhancements aim to create a more comfortable and sustainable living environment for current and future residents.

On the exterior, improvements will include fresh paint, paving upgrades, enhanced landscaping, accessibility modifications, and playground renovations to ensure compliance with modern housing standards. The goal is to provide a safer and more visually appealing community for residents while meeting evolving regulatory requirements for affordable housing developments.

Industry analysts note that rehabilitation projects like this play a critical role in affordable housing preservation, as they extend the lifespan of aging properties and improve quality of life without displacing residents. With housing costs rising across the U.S., these initiatives offer a long-term solution for maintaining low-income housing availability.

Why Is FTK Construction Services Expanding Its LIHTC Renovation Portfolio?

FTK Construction Services has established itself as a leading contractor in Low-Income Housing Tax Credit (LIHTC) rehabilitation projects, completing work in 35 states and modernizing over 6,500 affordable housing units. The company operates across three core divisions: LIHTC preservation projects, general multifamily property renovations, and disaster recovery construction.

This latest Colorado affordable housing project follows a similar $13.6 million contract awarded to FTK Construction Services in February 2025 for a Dallas-based LIHTC rehabilitation project. That initiative, also involving 204 multifamily units, was commissioned by April Housing, a Blackstone portfolio company specializing in affordable housing investment.

The company’s continued expansion in the LIHTC rehabilitation sector reflects growing demand for affordable housing preservation, as federal and state agencies prioritize funding for renovations rather than new developments. With aging affordable housing stock across the U.S., FTK Construction Services’ expertise in LIHTC renovations positions it as a key player in ensuring these properties remain livable and well-maintained.

How Does Steele Properties’ Investment Align With the Affordable Housing Market?

Steele Properties, the owner of Weatherstone Apartments, has built a national reputation for affordable housing redevelopment through acquisitions, rehabilitations, and new construction projects. The company has been actively expanding its portfolio with a focus on LIHTC properties, recognizing the need for long-term affordability solutions.

With the demand for affordable housing rising, real estate investment firms are increasingly working with experienced LIHTC contractors to modernize aging properties without pricing out existing tenants. Projects like Weatherstone Apartments’ renovation ensure that affordable housing remains accessible while meeting contemporary standards for safety, efficiency, and comfort.

Industry experts note that partnerships between affordable housing developers and contractors with LIHTC expertise play a crucial role in addressing the nationwide housing crisis. By rehabilitating existing units instead of constructing new developments, costs remain controlled while supply is maintained.

What Are the Broader Implications for Affordable Housing Preservation?

As affordable housing demand continues to outpace supply, state and federal agencies are emphasizing LIHTC rehabilitation projects as a cost-effective way to preserve existing communities. The U.S. Department of Housing and Urban Development (HUD) and state-level housing authorities have increased financing programs to support these projects, making them a viable solution for addressing the ongoing affordability crisis.

Colorado, like many other states, has experienced rising housing costs and limited availability of affordable rental units. The rehabilitation of Weatherstone Apartments aligns with state-led efforts to maintain affordability while upgrading properties to meet modern housing standards. With LIHTC projects playing an increasingly vital role in housing preservation, industry leaders expect more large-scale rehabilitation contracts to be awarded in the coming years.

For FTK Construction Services, securing back-to-back LIHTC renovation projects in Colorado and Texas underscores its growing presence in the industry. As demand for affordable housing rehabilitation continues, the company is expected to expand its reach, securing additional projects that align with national housing priorities.

What’s Next for FTK Construction Services?

With the Weatherstone Apartments rehabilitation project now underway and its Dallas LIHTC development progressing toward a December 2025 completion, FTK Construction Services is positioning itself as a major force in affordable housing construction and preservation. The company’s ability to manage large-scale multifamily renovations while maintaining affordability makes it a preferred partner for housing developers, lenders, and government agencies.

As states continue to invest in affordable housing infrastructure, the demand for experienced LIHTC contractors will grow. With its extensive project portfolio and national reach, FTK Construction Services is expected to remain at the forefront of affordable housing redevelopment, shaping the future of the sector while ensuring low-income housing preservation remains a priority.