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Palo Alto Housing Corporation has completed a $31.9 million renovation of the Colorado Park Apartments, the oldest affordable housing property in its portfolio.

The nonprofit agency on Aug. 17 celebrated the grand reopening of the seven-building, 60-unit complex at 1142 Colorado Ave.

The renovation made the complex, built in 1972, more modern and eco-friendly.

Upgrades included adding energy-efficient appliances and water saving fixtures in the apartments as well as drought resistant plants and solar panels in common areas.

“Through high-quality design and construction, we were able to significantly update the buildings and enhance the quality of life of our residents here,” said Candice Gonzalez, president and CEO of Palo Alto Housing. “This rehab and syndication also ensure that these homes remain affordable for the long-term.”

The renovation also included replacement of the building façade and new patio fencing, roofing, paint and landscaping. Outdoor seating, a barbecue area, play structures, bicycle storage shed and adult exercise equipment also were added.

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Palo Alto Housing also offers its residents an onsite coordinator who helps provide K-12 youths with academic support, enrichment activities and life and leadership skill development, according to the nonprofit agency.

Colorado Park L.P., an affiliate of Palo Alto Housing, financed the renovation through tax-exempt bonds and loans from U.S. Bank, Union Bank and the city of Palo Alto.

Palo Alto was a partner in the original construction of Colorado Park Apartments.

“The City of Palo Alto is proud to be a longstanding partner of Palo Alto Housing,” Mayor Greg Scharff said in a statement. “Preserving and renovating high-quality affordable housing, like Colorado Park, helps ensure that Palo Alto continues to be a great place to live, work, and raise a family.”

Sebastian Glowacki, vice president of U.S. Bancorp Community Development Corporation, a division of U.S. Bank, said Palo Alto Housing deserves kudos for turning the development into “high-quality affordable housing in a high-demand market.”

There are currently 486 applicants on the wait list for the Colorado Park complex. The list is full and the agency estimates it will take five to seven years to work through the list.

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