Koelbel closes financing for 65-unit affordable housing in Boulder County

GUNBARREL, Colo. — Koelbel and Company has closed financing on the Spine Road Affordable Housing Project, a 65-unit income-restricted rental community planned in the Gunbarrel area of Boulder County.

The project, developed in partnership with the Boulder County Housing Authority, will be located at 4775 Spine Road and is expected to begin construction this month. Completion is scheduled for the fourth quarter of 2027.

The development will include eight two-story buildings with studio, one-bedroom, two-bedroom and three-bedroom apartments for households earning between 30% and 70% of the area median income. According to the developers, it will be the first dedicated affordable rental community in Gunbarrel.

“This project reflects our continued commitment to bringing deeply needed affordable housing options to communities across Colorado and ensuring that our community members can live where they work,” said Carl Koelbel, CEO and president of Koelbel and Company.

Units will range from 507-square-foot studios to 1,662-square-foot three-bedroom, three-bathroom apartments. All homes will include full kitchens, in-unit washers and dryers and individually controlled heating and cooling systems.

Planned amenities include a community room, outdoor gathering spaces, solar panels, controlled-access entry, security cameras and a barbecue area. Residents will also have access to open space, a mobility hub with electric vehicle chargers, car-share vehicles, e-bikes and e-scooters.

The transit-oriented development is served by existing RTD routes and is expected to benefit from the return of Route J service upon completion.

“For Boulder County, the Spine Road project is an important milestone in expanding equitable, attainable housing opportunities in an underserved area,” Koelbel said.

Funding partners include the Colorado Housing and Finance Authority, the Colorado Office of Economic Development and International Trade, the City of Boulder, the Colorado Department of Housing, Sares-Regis Group and Wells Fargo.

Koelbel and Company said the project is its 12th affordable housing development since 2011.