ARCO LIVING GROUP COMPLETES DENVER MIXED-INCOME MULTIFAMILY DEVELOPMENT FOR OVERLAND PROPERTY GROUP
ARCO Living Group recently completed The Reserves at Green Valley Ranch – a ten-building, 216-unit, mixed-income development for repeat client Overland Property Group. Located in Denver, Colorado, the apartment complex features nine garden-style residential buildings with one, two, and three-bedroom units and a 5,000 SF clubhouse. State-of-the-art amenities include a 24/7 fitness center, movie theater, game room, indoor and outdoor fireside rooms, playground, basketball court, and business center.
ARCO Living Group and Overland Property Group are currently partnering on a second project – an 89,180 SF, 4-story, mixed-income apartment complex – in Colorado Springs.
DENVER AFFORDABLE HOUSING IMPACT
The HUD-financed project directly addresses the region’s growing need for high-quality affordable housing with 144 units dedicated to those earning less than the area median income (AMI). The development is unique in that it allows residents earning up to 80% of the AMI, a demographic that has been historically underserved, allowing tenants to stay in their homes longer despite incremental income increases.
For residents like Alice Price, who spoke at a grand opening event for the project, The Reserves at Green Valley Ranch development means an affordable, as well as stable, home for her and her grandchildren.
“When one or two doors close, you don’t want to try again, but I happened to try again; and that door opened,” Price said. “When I heard back, I shouted and cried because this is a blessing, and bless the development for offering this for people like us. Affordable helps everyone, people with kids, people with low incomes. It helps them be stable, be above water to make sure that they have something for themselves.”
Resident Alice Price and Overland Property Group Vice President Ryan Zent at the grand opening event for The Reserves at Green Valley Ranch
THE ARCO ADVANTAGE
Because of our design-assist approach and early involvement in the project, ARCO was able to provide Overland Property Group with design alternatives to improve overall efficiency, as well as schedule savings solutions. ARCO redesigned areas with specific trades to make the overall design more economical without affecting rent rates and provided material alternatives such as a different flooring type to avoid negative cost and schedule impacts.
Additionally, ARCO’s early involvement in the project helped mitigate the effects of supply chain disruptions and allowed for key materials to be secured as soon as possible. For example, ARCO secured lumber for the project before the market saw a significant increase in pricing and implemented an onsite panel plant easing logistics and trucking. ARCO was also able to arrange for granite to be fabricated onsite when faced with overseas procurement issues. ARCO also strategically completed the project in multiple phases, allowing Overland Property Group to begin renting units as quickly as possible.
- Ten (10)-Building, Garden-Style, Mixed-Income Apartment Complex
- Nine (9) 3-Story Multifamily Buildings & One (1) 5,000 SF Clubhouse
- 272,000 Total SF with 216 Units & 414 Beds
- 144 Affordable Housing & 72 Market-Rate Units
- 54 3-Bedroom, 90 2-Bedroom, and 72 1-Bedroom Units
- 349 Outdoor Car Parking Spaces
- Private Balconies
- Playground & Basketball Court
- Wood Frame Construction
- Stone & Hardie Panel & Lap Siding
- HUD-Financed Project