At a time when creating affordable housing is a top priority for many local leaders and policymakers, preserving existing affordable units is just as crucial.
Ulysses Development Group (UDG) has announced the financial closing and tax credit resyndication of Eagle Villas, a 120-unit affordable housing community in Eagle, Colorado. UDG originally acquired Eagle Villas in June 2024 as the first step in an extensive renovation process and will ensure the property keeps its affordable housing designation for 60 years.
Eagle Villas is home to families and individuals who earn 45-80% of the Area Median Income. Before UDG acquired the property, 100 of the 120 units had affordability restrictions that were set to expire at the end of 2024. The property was listed for sale as a market-rate conversion, which would negatively impact the already limited stock of affordable housing in the Vail Valley. Through the recapitalization, UDG is maintaining affordability as well as undertaking a $10M rehabilitation that will improve the property for the many individuals and families who call Eagle Villas home.
“Making sure that our community’s working class continues to have a safe and affordable place to call home is a top priority for me at the legislature and for so many leaders at the local level. The first step in addressing this is preserving the affordable housing we already have, so that’s why keeping the Eagle Villas affordable is tremendous news for Eagle County. I am grateful for the work of Eagle County, the Town of Eagle, the Ulysses Development Group, and so many others that helped make this happen and it was a privilege for me to make sure the state government was a key partner in this effort. Here’s to keeping people in their homes and to using this as a touchstone for more breakthroughs on affordable and attainable housing in Eagle County and beyond in the near future,” said Colorado State Senator Dylan Roberts.
“Making housing in our community more affordable is a top priority for me, and I’m excited that the Eagle Villas will remain affordable for Coloradans living in the high country,” said Colorado State Representative Meghan Lukens. “I’d like to thank all the community leaders who made this possible—your strategic planning and investment in our community means more Coloradans can afford to live where they work and play. Additionally, the renovation plans inside the units and on the property will make the Eagle Villas a quality, affordable family community for Coloradans to call home for years to come.”
“Eagle Villas represents over half of the affordable housing in the town of Eagle. By acquiring and recapitalizing this critical community, UDG is taking a leading role in preserving one of the town’s most limited and essential resources, affordable housing, in a highly desirable and rapidly changing market,” said Blaise Rastello, vice president of development and Colorado market leader at UDG.
“The resyndication of Eagle Villas marks an important step in preserving quality, affordable housing for our community,” said Tori Franks, resiliency director for the Eagle County Housing and Development Authority. “We are proud to support efforts that ensure long-term stability for residents while reinvesting in the future of this vital property. Partnerships like these strengthen our mission to provide safe, sustainable housing options for all.”
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 $41.4M and $25.4M, and National Equity Fund is the equity investor, investing $22.9M in the project. Eagle County contributed a $4 million loan, and the Colorado Department of Local Affairs contributed $5 million and $3.4 million in Transformational Housing Loan Funds and HOME funds.
The rehabilitation work is focused on sustainability, conservation, and building longevity, including interior and exterior upgrades. The many interior and exterior upgrades will include renovating bathrooms, replacing kitchen appliances with ones that are rated Energy-Star rated, replacing the flooring throughout the units, and substantial improvements to the community clubhouse. On the exterior, the building will get new siding, windows, and a new roof. Community amenities include a playground, laundry facilities, a community picnic area, easy access to public bike trails, and an adjacent park. Unit amenities include balconies/patios and walk-in closets.
