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COLORADO SPRINGS, COLO. -- It is an exciting week for Greccio Housing.

The nonprofit purchased two additional apartment buildings to benefit low-income community members in the Pikes Peak region.

The new buildings include the Unitah Park and Unitah Terrace Apartments.

The purchase adds 36 additional units to Greccio Housing, bringing the nonprofit's total to 19 properties and 387 apartments.

"It means an addition of 20 percent of our total portfolio, or 33 percent of our owned properties," Lee Patke, Executive Director for Greccio, said.

A substantial increase for Greccio Housing, whose mission is to provide stable, safe and affordable housing to local families.

"We rent to the working class in Colorado Springs, our residents are a reflection of our community as a whole," Patke said.

The new buildings include one and two bedroom apartments.

But Patke said Unitah Park is much older than Unitah Terrace and needs more work.

"We have hundreds of thousands of dollars worth of work to put into the properties, including a new roof, new carpet, new appliances and new cabinets," Patke said.

Greccio is also planning to clean up and beautify the properties.

All part of their on-going effort to support and revitalize areas that may have fallen by the wayside.

"It is really designed to invigorate the entire neighborhood and community, and not just the entire apartment complex," Patke said.

The addition also comes at a crucial time.

According to the Colorado Division of Housing, the apartment vacancy rate in Colorado Springs at the end of last year was 6.7 percent.

"The need was high even before the recession hit, but with the economic downturn we really saw a perfect storm of stagnant wages, unemployment and foreclosures," Patke said. "The need for affordable rentals is high."

If you are interested in renting with Greccio housing, click here.