Ulysses Development Group (UDG), Congressman Joe Neguse, State Senator Dylan Roberts, Mayor Woods, Maria De Cambra, Eagle County and residents gathered on August 11 to celebrate the grand reopening of Eagle Villas, a 120-unit housing community serving families and individuals who earn 45–60% of the area median income in Eagle, Colorado. The reopening marks the completion of a $12.6 million renovation and secures affordability at the largest income-restricted housing complex in one of Colorado’s most expensive resort regions for the next 60 years.
With the property’s affordability restrictions set to expire and a 90-day window before it was lost to the open market, UDG moved quickly to acquire the 405 Nogal Road property in 2024 — preventing the permanent market-rate conversion that would have displaced 120 families.
“There was a narrow window to preserve the ability to live in this community affordably, and we took it,” said Blaise Rastello, vice president of development at UDG. “What happened here is what good partnerships look like: local government, state agencies, and private capital all moving in the same direction at the same time to protect something that could never be rebuilt. Preservation is at the core of what we do — and Eagle Villas is exactly why.”
Working closely with the Eagle County Housing and Development Authority (ECHDA) to resyndicate (refinance with new tax credits) the community, UDG invested approximately $104,000 per unit in a comprehensive renovation of all 120 apartments and common areas. Interior upgrades include fully remodeled kitchens and bathrooms, new flooring, enhanced insulation, fresh paint, and interior sustainability upgrades throughout. Exterior improvements include new siding, windows, roofing, and gutters, while the entire complex has been made ADA-compliant and outfitted with LED lighting and rooftop solar — extending the life of the property and reducing energy costs for residents for decades to come.
“Preserving the homes where the people who keep our communities running is absolutely critical, and it takes a village to get the job done,” said Colorado State Senator Dylan Roberts. “I’m immensely grateful for the teamwork, dedication, and commitment shown by the partners who worked on the Eagle Villas recapitalization and proud that the State of Colorado played an important role. This is proof that when we work together to prioritize all parts of our community, we can accomplish great things.”
The recapitalization of Eagle Villas’ financing, which raises new capital for improvements and extends affordability, was driven by collaboration among state and local partners in both the public and private sectors.
- JP Morgan Chase is the construction and permanent lender, funding approximately $41.4M and $25.4M
- National Equity Fund is the equity investor, investing $22.9M in the project.
- Eagle County contributed a $4M loan
- The Colorado Department of Local Affairs contributed $5M and $3.4M in Affordable Housing Revolving Loans and HOME funds.
“The Town of Eagle is proud to have been part of preserving this vital source of housing,” said Mayor Bryan Woods. “The families who call Eagle Villas home are part of the fabric of our community, and our support for this renovation reflects our commitment to preserving housing opportunities for the people who live and work here.”
“Keeping existing housing communities within reach for working families is one of the most important things we can do to address Colorado’s housing crisis,” said Maria De Cambra, executive director of the Colorado Department of Local Affairs. “Eagle Villas is exactly the kind of project our Affordable Housing Revolving Loans and HOME Funds exist to support.”
