Affordable HousingConstructionDevelopmentMultifamily

Overland Property Group Opens Mixed-Income Community in Green Valley Ranch

On Thursday, Oct.27 Overland Property Group celebrated the grand opening of The Reserves at Green Valley Ranch mixed-income apartment community. Managed by Mission Rock Residential, the 216-unit community will help alleviate the City of Denver’s growing housing affordability challenges.

“Our team has focused on the development of mixed-income housing since our company’s inception more than 20 years ago,” said Ryan Zent, the vice president of development with Overland. “We have been delivering affordable housing in Colorado’s mountain communities for years and are thrilled to now be doing the same right here in the Front Range. Denver’s housing needs are vast, and we are grateful to have participated in this successful partnership with both the City and State to help alleviate the growing demand for accessible housing in this fantastic community.”

The master-planned community of Green Valley Ranch (GVR) was annexed to Denver from Adams County nearly 50 years ago. No longer the new addition to Northeast Denver, GVR now holds a well-established place within Denver’s thriving Aerotropolis metro area. GVR is home to schools, a golf course, a recreation center, a public library, Town Center Park, a light rail stop at Pena Station, and a booming economic opportunity with its close proximity to Denver International Airport and the Gaylord of the Rockies resort and convention center.

In 2021, the Gateway Landing development broke ground in the Northwest Quadrant of Green Valley Ranch, thanks to the investment of Equity Ventures Commercial Development and project partner Wall Development Group. The total Gateway Landing development includes plans to develop a total of 525 residential units alongside commercial properties as well. The opening of The Reserves marks the delivery of the first 216 residential homes within this project.

144 of The Reserves’ 216 residences were crafted as permanently affordable housing, with income restrictions for renters ranging from 30% to 80% of the area’s Average Median Income (AMI). These units have already undergone the pre-leasing phase, with nearly 500 Denver residents applying for the homes. This deluge of applications has captured the attention of the City and County of Denver’s Department of Housing Stability, which provided $2,160,000 in financing for the project.

“Projects like The Reserves at Green Valley Ranch help to get us well on our way of meeting our goal of producing 7,000 affordable homes over just five years,” said HOST Executive Director Britta Fisher. “These homes will make a lasting difference for Denver’s hard-working individuals and families for decades to come.”

The 72 additional market-rate apartment homes have also just completed construction and are now available for lease as well. These residences range in size from one to three bedrooms.

The community’s robust amenity package provides the full resident population with outstanding features such as a clubhouse with a leasing office, a 24/7 fitness center, a community room with an indoor/outdoor fireplace, a fully equipped business center, a private theater, covered outdoor seating and firepit along with a community basketball court, kid’s playground, walking trails and picnic areas.

Mission Rock Residential has been selected to manage this new community and is already in place on-site delivering their award-winning community management and community engagement activities, along with handling the leasing activity.

“We are delighted to have partnered with the Overland Property Group in the activation and management of this beautiful new community,” said Meredith Wright, CAPS, CPM, president of Mission Rock Residential. “Our company has more than 10 years of experience in managing mixed-income communities across Colorado and around the country, and we are always thrilled when new communities like The Reserves open their doors, given the clear demand in markets like Denver today.”

In addition to Overland Property Group’s work with the City and County of Denver, the team also worked closely with the Colorado Housing & Finance Authority (CHFA) to garner tax credit support for the development, a key component of the project’s financing. The development was also made possible thanks to the IRS’ new income averaging program which allowed The Reserves to reach residents earning between 70-80% AMI, an audience who has historically been underserved. Through this income averaging program, residents will also have the chance to remain at The Reserves for longer periods, even as their income increases along the AMI spectrum.

“We have heard from residents in our apartment communities around the country that they want to be able to stay, and grow within their communities, not forced out due to incremental income increases,” said Matt Gillam, managing partner with the Overland Property Group. “Therefore, our team has worked hard to implement this new opportunity within the LIHTC program, and we are thrilled that our residents here in Green Valley Ranch will have the chance to stay in their homes and remain close with their neighbors and friends.”

 

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