ARCO LIVING GROUP CELEBRATES GRAND OPENING OF DENVER MIXED-INCOME MULTIFAMILY DEVELOPMENT FOR OVERLAND PROPERTY GROUP
ARCO Living Group recently celebrated the grand opening of 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 Reserves at Green Valley Ranch features nine residential buildings, a clubhouse, and state-of-the-art amenities.
The HUD-financed apartment complex 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 remain in their homes longer despite incremental income increases.
“We looked at all the future growth and future demand and needs of this area and decided on a very wide range of incomes,” said Ryan Zent, Vice President of Development for Overland Property Group. “What we do matters. It’s easy to sit there and look at a spreadsheet and say this doesn’t work or this is hard; but when you meet a family that has a home, that didn’t have a home, that matters.”
For residents like Alice Price, who spoke at the grand opening event, this means an affordable, as well as stable, home for her and her grandchildren. She applied prior to construction completing and moved into a three-bedroom unit in September.
“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 speaks at grand opening event.
The nine garden-style residential buildings include one, two, and three-bedroom apartments with a total of 414 beds. Additional amenities include a 5,000 SF clubhouse with 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.