JV Breaks Ground on Colorado Affordable Project
- Jul 10, 2019
A joint venture between Overland Property Group (OPG) and Yampa Valley Housing Authority (YCHA) has begun construction of Alpenglow Village in Steamboat Springs, Colo. The 72-unit rental property will offer affordable and moderate-income apartments.
The development is a follow-up to The Reserves at Steamboat Springs, another apartment community project from the same team, which opened two summers ago.
The community banded together two years ago to pass a mill levy increase. That increase will fund the YVHA’s effort to build new housing units. Alpenglow Village has become the initial project to profit from that taxpayer-funded program.
“The location of Alpenglow Village is ideal for our locals,” YVHA Director Jason Peasley told Multi-Housing News. “The property is sited between downtown and the mountain village, is adjacent to our free main line bus system and is adjacent to community services such as restaurants, grocery stores and day care.”
Alpenglow Village apartments will feature knotty alder cabinets, Energy Star appliances, high-grade wood-look LVP flooring, walk-in closets and patios or balconies. A resort-style clubhouse with community room leads the amenity list.
The community will offer 12 one-bedroom, 36 two-bedroom and 24 three-bedroom units, with residences measuring 760, 985 and 1,194 square feet respectively. Individuals with incomes from 30 to 120 percent of area median income (AMI) will be eligible to live at Alpenglow Village.
The primary development challenge confronting OPG and VYHA were high land and construction costs in the rural mountain community. “Our team, including our development partners Overland Property Group, focus on high-quality designed neighborhoods that are cost effective,” Peasley said. “This allows us to efficiently utilize the resources provided through a $13.5 million allocation of Low Income Housing Tax Credits by Colorado Housing and Finance Authority.”