Capstone Managed Property Wins National Award

January 1, 2012

2011 Charles L. Edson Tax Credit Excellence Award Given to LEED Platinum Certified Silver Gardens Apartments

Albuquerque, NM - Capstone Real Estate Services, Inc. is pleased to announce that Silver Gardens, an affordable housing development located in downtown Albuquerque, has received the 2011 Charles L. Edson Tax Credit Excellence Award. Project developer, Theresa Bell of Romero Rose, was presented the award by Sen. Jeff Bingaman at a ceremony on Capitol Hill in Washington, DC.

The Charles L. Edson award is presented to the nation’s most outstanding affordable rental housing development that receives a portion of its funding through the Low Income Housing Tax Credit program. Silver Gardens won its award in the “Green Housing” category.

Capstone is excited to have been involved with the 66-unit Silver Gardens from the beginning. The project is the first affordable housing development in the Southwest to achieve LEED (Leadership in Energy and Environmental Design) Platinum certification, which is the highest environmental certification possible. Additionally, it is the first affordable housing development in the nation to quantify and sell averted Co2 emissions through Enterprise’s Carbon Offset Fund. Proceeds were put back into the property to increase energy efficiency.

Capstone managed the lease-up of Silver Gardens. The property, which offers affordable housing as well as some market units, opened in May of 2010 and was fully occupied by July. The 55-unit phase II of Silver Gardens is expected to open December 15th of this year and be fully occupied by mid-January.

Capstone is proud to be a part of helping Romero Rose achieve its vision of having mixed income levels living together in quality housing, while being environmentally conscious. Silver Gardens is on the wave of the future in multifamily housing.