Overland Property Completes CO Affordable Housing

The Reserves at Steamboat Springs features 48 two- and three-bedroom floorplans. The development marks the first newly constructed affordable housing project in the area in the last 20 years.

Overland Property Group, in partnership with The Yampa Valley Housing Authority, opened the first new construction affordable housing development in Steamboat Springs, Colo,. in 20 years. The property is dubbed The Reserves at Steamboat Springs.

YVHA owned the property site since 2006 and OPG approached the company and proposed the development with the use of the 9 percent low income housing tax credit program administered through the Colorado Housing Finance Authority. The Reserves at Steamboat Springs was granted funding by CHFA in August 2015 and construction began in May 2016. 

Affordable with luxury elements 

Located at 2100 Elk River Road, the 48-unit community features two- and three-bedroom floorplans. Interior features include nine-foot ceilings, ENERGY STAR lighting and appliances, washer/dryers, walk-in closets, a covered patio or balcony, low-flow plumbing fixtures, knotty-alder cabinets and luxury wood-look flooring. Residents have access to amenities such as a community garden, outdoor fire pit, basketball court, playground and clubhouse that features a 24-hour fitness center, library, warming kitchen, community room, conference room and on-site management offices. 

“Ever since we started exploring Colorado’s affordable housing needs six years ago, Steamboat Springs had always jumped out at me as having an exceptionally high need,” Matt Gillam, vice president of development for Overland Property Group, told Multi-Housing News. “Even with this high demand, the challenges of developing in the Colorado Rocky Mountains and more specifically a large portion of northwest Colorado were just too big of a roadblock for developers. We couldn’t be happier that our development team was able to overcome these challenges in developing Steamboat’s first 9 percent LIHTC deal since the program started in 1986.”  

The pet-friendly Reserves at Steamboat Springs was designed by architect Jones Gillam Renz Inc. and construction was handled by McPherson Contractors. ROSS Management will serve as property manager. 

Images courtesy of Overland Property Group