Evergreen Builds Affordable Housing in Colorado
Construction has commenced on the 60-unit community.
Construction is underway for Evergreen Real Estate Group’s Rifle Apartments, a 60-unit income-restricted rental community in Rifle, Colo.
Last June, the Chicago-based firm secured a significant tax credit for the fully affordable project when it received a 9 percent Low-Income Housing Tax Credit that contributed to the Rifle Apartments’ development.
“All across the country, there is an increasing need for affordable housing, particularly in this area of Colorado,” Javonni Butler, vice president of development for Evergreen Real Estate Group and head of the firm’s Denver office, told Multi-Housing News. “And after three years of working closely with the dedicated team at the City of Rifle, we’re proud to have construction underway on this important new $29 million development.”
Butler said that the community will not only provide homes to those who have been priced out of nearby towns and areas but also activate the streetscape on its Downtown Rifle corner.
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Evergreen worked closely with the city and its architect, EJ Architecture, PLLC, to design three low-rise buildings that seamlessly blend with the natural surroundings and maximize the features of its location, which connects directly with the Rifle Creek Trail and other greenspace.
“And for our commuters, it will put residents within walking distance of a new Park-N-Ride and near a major regional bus route,” Butler said.
The three-story buildings will offer 30 one-bedroom, 20 two-bedroom and 10 three-bedroom apartments reserved for households earning between 30 and 80 percent of the Area Median Income. Of the 60 apartments, 14 will be set aside as project-based voucher units for families at or below 30 percent AMI.
Rifle Apartments will feature a community room, playground, fitness room, storage lockers, 115 parking spaces, EV charging stations and easy access to a wide range of recreation and outdoor options in the area. Individual homes will have an open layout with full kitchens, Energy Star appliances and in-unit laundry. The community is designed it to achieve the National Green Building Standard Bronze level.
Additional financing came from the State of Colorado Division of Housing Transformational Housing Loan Funds, Division of Housing Gap Funds, Capital Magnet Funds from Impact Development Fund, AHIF funds from the Colorado Clean Energy Fund, Deferred Developer Fee and CHFA permanent debt.
Evergreen will professionally manage the community and pre-leasing is expected to begin in the summer of 2025. Completion is set to take place in the fall of next year.
The company is also developing a 170-unit, five-story income-restricted community in Denver’s Globeville neighborhood. Formerly the site of a car dealership, the project will have 20,000 square feet of community-serving commercial space.
