On September 11, MGL Partners, a Denver-based multifamily, senior, workforce and affordable housing developer, celebrated the grand opening of St. Stephen Senior Apartments, a new 50-unit affordable housing community serving adults age 62 and older. Located at 2189 N Valentia Street in Denver’s Central Park neighborhood, the four-story building is fully leased and provides affordable homes for economically vulnerable residents earning between 30% and 60% of the Area Median Income (AMI).
Project partners include BC Builders as general contractor, Santulan Architecture as lead architect, and Strategic Land Solutions as civil engineer. Construction began in November 2023 and was completed in summer 2025, when The St. Stephen welcomed its first residents.
The St. Stephen’s ground-up construction was made possible through a unique partnership between MGL and St. Stephen Missionary Baptist Church, which owns the land and will provide a 65-year low-cost lease, securing a stable funding stream for the historically African American congregation. It also creates a lifeline of affordable housing for new residents.
“Across Denver, older adults are stretching paychecks further, delaying retirement and struggling to stay in the neighborhoods they’ve long called home,” said Danielle Vachon Bell, development director at MGL Partners. “MGL Partners is proud to work with St. Stephen Missionary Baptist Church to deliver housing that offers security for residents and a renewed way for the church to serve Central Park. From the first shovel in the ground to today’s opening, our guideposts have been stability, dignity and peace of mind.”
St. Stephen Senior Apartments responds directly to a critical shortage of affordable housing for older adults in Denver, where nearly one in three Coloradans over 62 are considered cost-burdened and thousands remain on affordable housing waitlists.
The 50 apartments include a mix of one- and two-bedroom units, with an average affordability level of 48% AMI. Community members have access to a community room, kitchen, fitness area, rooftop deck with mountain views, and a community garden, with on-site management and maintenance provided by Silva Management Partners. Conveniently located on a bus route and within walking distance of local retail, the property helps residents stay connected to essential neighborhood amenities.
“As many St. Stephen neighbors continue contributing to our workforce, this project ensures they can do so with stability and dignity—steps away from opportunity,” said Rev. Randolph C. West, Jr., head pastor of St. Stephen Missionary Baptist Church. “This community will serve as a legacy for our church and a testament to what committed partners spanning public, private and community-based, can achieve together.”
The development was financed with a combination of 9% Federal Low-Income Housing Tax Credits (LIHTC) and State Tax Credits allocated by the Colorado Housing and Finance Authority (CHFA), with Wells Fargo serving as construction lender and tax credit equity investor. Additional funding was provided by the Impact Development Fund, the Colorado Division of Housing (DOH), the City and County of Denver’s Department of Housing Stability (HOST), and Brookfield Residential. The project’s total cost is over $19.6 million.
