Tiara Apartments is a 51-unit affordable senior housing community located one block west of the Fitzsimons Medical Campus in Aurora, Colorado. Built in 1962, the property was completely renovated in 1983 under the Moderate Rehabilitation Program (Mod Rehab) a project-based Section 8 program which causes the property to be deeded affordable under a Housing Assistance Payment Contract (HAP). The original HAP Contract has expired and is currently being renewed on a yearly basis, October 1st through September 31st of each year. A new owner has many options available to them, including converting the property back to market rate or doing a Rental Assistance Demonstration (RAD) conversion which would allow an owner to convert the Mod Rehab Contract to long-term Section 8 contract. This latter option provides funding to rehabilitate the property by leveraging debt and equity financing sources. Tiara Apartments is a five-story “L” shaped brick building with a great unit mix of 10 studios, 23 one bedroom/one bath units, and 18 two bedroom/one bathroom units. Approximately half of the units face a central courtyard and have private balconies/patios. The building has secured entry where residents have access to their unit through interior hallways. There are three interior stairwells, one on each end of the building and one near the elevator in the middle. There is an income-producing laundry room on each floor To the rear of the property are 38 off-street parking spaces. There is a cell tower lease in place that generates over $2,200 per month in revenue with a built-in three percent (3%) annual increase. The property has a central boiler that provides heat and hot water to all of the units. Each unit is individually metered for electric. Across Peoria Street from Tiara Apartments is the Fitzsimons Medical Campus, a redevelopment of the Fitzsimons Army Medical Center. This redevelopment is home to the University of Colorado Anschutz Medical Campus, University of Colorado Hospital, Children's Hospital of Colorado, the Veteran's Affairs Hospital and the site of the developing Fitzsimons Innovation Community, a 125-acre bioscience park for a variety of biomedical research companies. As Fitzsimons continues its growth, employment in the area will only increase, making employees there and in supporting businesses that much more likely to reach out into the surrounding area for rentals. This growth and popularity seems unlikely to diminish as more projects continue to draw people to the area and make it one of the most sought after areas of metropolitan Denver.