Overland Property Group Concludes Denver Mixed-Income Community – Multifamily Real Estate News
Land property group completed The Reserves at Green Valley Ranch, a 216-unit, mixed-income, multi-family property in the planned community of Green Valley Ranch in Denver.
The City and County of Denver Department of Housing Stability provided $2.2 million in funding for the project. An additional loan of $20.3 million was financed by the Colorado Housing and Finance Authority in 2021, when The Reserves led the way, according to Yardi Matrix data. The HUD Federal Government fixed rate loan has a 2040 maturity.
IRSThe new income-averaging program has helped Overland Property Group access residents earning between 70 and 80 percent of the area’s median income. This program will also make it easier for residents to stay in the community for longer periods of time, regardless of additional income increases.
Reserves has delivered the first completed apartments within Gateway Landing, a 34-acre mixed-use development owned by Equity Ventures business development and Wall Development Group. At full construction, Gateway Landing will total 525 units for the regional workforce and low-income residents.
A mixed-income Denver community
Reserves has 144 fully affordable units, serving residents earning 30-80% AMI, intended to meet Denver’s needs growing housing affordability challenges; the remaining 72 units will be leased at market price. Apartments come in a mix of one-, two-, and three-bedroom floor plans ranging from 829 to 1,216 square feet, according to Yardi Matrix. The low consumption units have Energy Star appliances and walk-in closets, plus private patios and balconies.
A fitness center, community room, business center, and picnic area, as well as indoor and outdoor fire pits and covered outdoor seating areas, are among the common amenities at The Reserves at Green Valley Ranch. Mission Rock Residential will manage the management and leasing activity of the property which is aiming for Enterprise Green Communities certification.
Located at 4857 N. Salida St., the community has access to area schools, golf course, recreation center and public library. The 9.9-acre property is also close to the Rocky Mountain Arsenal Wildlife Sanctuary and the Gaylord of the Rockies Resort and Convention Center.
Housing Stability Department Executive Director Britta Fisher said in prepared remarks that The Reserves at Green Valley Ranch is helping their goal of producing 7,000 affordable homes in just five years.