CHICAGO, IL - Chicago-based Evergreen Real Estate Group, a leader in the development, construction and management of both affordable and market-rate multifamily properties, today announced the completion of Rifle Apartments, a 60-unit income-restricted rental community in Rifle, Colo. The development, which is professionally managed by Evergreen, is currently 95% leased.
On April 17, Evergreen executives joined Rifle Mayor Clint Hostettler and other project partners including representatives from the Colorado Housing Finance Authority (CHFA), Key Bank and Colorado Division of Housing for a grand opening celebration. Filling a vacant 4.7-acre site at 115, 123 and 131 Park Ave., Rifle Apartments is the first family-oriented Low-Income Housing Tax Credit (LIHTC) project built in Rifle over the past 20 years. The development aligns with the city’s Downtown TOD Strategic Plan and Comprehensive Plan, which so far has completed an extension of Park Avenue and has begun construction of the Park Avenue bridge.
“It’s an absolute thrill to see Rifle Apartments now standing at this prominent, transit-adjacent site against a backdrop of mountain views,” said Javonni Butler, vice president of development for Evergreen Real Estate Group and head of the firm’s Denver office. “The completion of Rifle Apartments marks the culmination of years of hard work and collaboration among private and public partners. It’s especially rewarding to see the first residents enjoying their new homes, which in addition to being affordable are strategically located to give local families easy access to schools, employers, businesses, public transit and recreational amenities along the Colorado River.”
Comprising a trio of three-story buildings, Rifle Apartments offers 30 one-bedroom, 20 two-bedroom and 10 three-bedroom units, reserved for households earning between 30% and 80% of the area median income (AMI). Of the 60 total apartments, 14 are designated as project-based voucher units for families who are at or below 30% AMI.
Homes feature open layouts with modern finishes, including vinyl plank flooring, LED lighting, full kitchens with Energy Star appliances, baths with step-in showers and low-flow plumbing fixtures, and in-unit laundry.
On-site amenities include a community room, fitness room, storage lockers and abundant green space that includes a playground. The development also offers 115 free parking spaces, including EV-ready charging stations. Commuters can also take advantage of the adjacent CDOT Park-n-Ride, which is served by regional bus routes that provide service to population centers throughout the Roaring Fork Valley and I-70 corridor.
Rifle Apartments is located in the city’s central business district, near shops, restaurants and other services. It borders Rifle Creek just north of the Colorado River and connects to the Rifle Creek Trail.
“For several years, we have worked side-by-side with city officials and partners in Rifle to achieve our vision of creating affordable housing that will improve the lives of local residents, including families with limited options available to them,” said Steve Rappin, CEO of Evergreen Real Estate Group. “Rifle Apartments is the latest example of how municipalities can leverage the development expertise of firms like ours to deliver quality housing that is appropriately scaled and tailored to the needs of the surrounding community.”
Designed by ej architecture, the development has achieved National Green Building Standard (NGBS) Bronze level. Rifle Apartments is an all-electric development, reducing environmental impacts. Exterior cladding is a mix of brick, metal, stone, wood and fiber cement, which was inspired by the materials and tones of the surrounding natural environment.
Financing for Rifle Apartments includes support from the State of Colorado Division of Housing Transformational Housing Loan Funds, Division of Housing Gap Funds, 9% LIHTC, Capital Magnet Funds from Impact Development Fund, AHIF funds from Colorado Clean Energy Fund, and CHFA permanent debt.
In addition to Rifle Apartments, Evergreen is developing additional rental communities in Denver and across Colorado. These include The Ford Apartments, a six-story, 60-unit income-restricted rental community adjacent to the Denver Health Main Campus in Denver’s Baker neighborhood that is expected to break ground this summer, as well as Park Place Apartments, a five-story, 80-unit income-restricted rental community in Denver’s Sun Valley neighborhood that is scheduled to break ground this fall. Construction is also underway on 4965 N. Washington St., a 170-unit income-restricted rental housing community in Denver’s Globeville neighborhood that will be colocated with a new Denver Public Library branch and 4,000-square-foot community café.
About Evergreen Real Estate Group: Founded in 2001, Chicago-based Evergreen Real Estate Group is a fully integrated multifamily company that develops, acquires, and manages affordable and market-rate multifamily apartments for both seniors and families across 12 states and the District of Columbia. Evergreen specializes in thoughtful, creative residential development solutions – from adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing. The firm is led by a passionate, cross-disciplinary team of developers, architects, urban planners and attorneys who have come together to create high-quality apartment communities, often in collaboration with local municipalities and financial partners who share its vision of investing not just in real estate, but also the people who call our communities home. Evergreen currently owns and manages 14,500 units of multifamily housing. For more information visit www.evergreenreg.com