Overland Property Group Wraps Up Mixed-Income Denver Community

The Reserves at Green Valley Ranch. Image courtesy of Overland Property Group

Overland Property Group has completed The Reserves at Green Valley Ranch, a 216-unit, mixed-income multifamily property in Denver’s master-planned community of Green Valley Ranch.

The City and County of Denver’s Department of Housing Stability provided $2.2 million in financing for the project. An additional $20.3 million loan was funded by the Colorado Housing & Finance Authority back in 2021, when The Reserves broke ground, according to Yardi Matrix data. The HUD Federal Government fixed-rate loan carries a 2040 maturity date.

IRS‘ new income averaging program helped Overland Property Group get access to residents earning between 70 and 80 percent of the area median income. This program will also facilitate the residents’ stay at the community for longer periods, regardless of incremental income increases.

The Reserves delivered the first completed apartments within Gateway Landing, a 34-acre, mixed-use development owned by Equity Ventures Commercial Development and Wall Development Group. At full build-out, Gateway Landing will total 525 units catering to the regional workforce and low-income residents.

A mixed-income Denver community

The Reserves has 144 fully affordable units, serving residents who earn between 30 and 80 percent of the AMI, meant to address the Denver’s growing housing affordability challenges; the remainder 72 units will be leased as market rate. Apartments come in a mix of one-, two- and three-bedroom floorplans ranging from 829 to 1,216 square feet, Yardi Matrix shows. The energy-efficient units have Energy Star appliances and walk-in closets, as well as private patios and balconies.

A fitness center, community room, business center and picnic area, together with indoor and outdoor fireplaces and covered outdoor seating areas, are among common-area amenities at The Reserves at Green Valley Ranch. Mission Rock Residential will be handling the management and leasing activity at the property that aims for Enterprise Green Communities certification.

Located at 4857 N. Salida St., the community has access to the area’s schools, golf course, recreation center and public library. The 9.9-acre property is also close to the Rocky Mountain Arsenal wildlife refuge and the Gaylord of the Rockies resort and convention center.

Department of Housing Stability Executive Director Britta Fisher stated in prepared remarks that The Reserves at Green Valley Ranch contributes to their goal of producing 7,000 affordable homes over just five years.