Investor Transforms Luxury Apartments into Affordable Housing in Colorado
January 8, 2026
Affordable housing is a rare find in popular resort destinations, but residents of Steamboat Springs, Colorado, received unexpected relief from escalating rentals.
Mark Stevens, a billionaire investor, recently acquired the Riverview Apartments, a luxury complex situated along the Yampa River in downtown Steamboat Springs. His acquisition, completed in September for $95.3 million, marked a significant shift in the property’s purpose, offering local workers rental rates far below the market average.
Riverview / Mark Stevens
The Riverview Apartments, initially designed for affluent tenants, now aim to assist local workers. Among the first beneficiaries was construction worker Landin Hutchison, who, along with his partner Piper Rillos and their two-year-old child, moved into a two-bedroom unit for a little over $2,100 monthly.
This move has had a substantial impact.
“We are pretty much saving a grand a month and living in town now,” Hutchison said. “We feel very, very fortunate.”
Currently, more than 100 local workers reside in the two Riverview buildings, which comprise 104 apartments in total. The rental rates are significantly lower than the standard Steamboat Springs prices: studios around $925, two-bedrooms at $1,600, and three-bedrooms approximately $2,125 per month.
This initiative stands out due to its straightforward requirements: tenants must work a minimum of 30 hours weekly within the community, yet there are no income constraints or public housing subsidies involved.
Anna Allsberry, a school counselor and volleyball coach, shared that without Riverview, staying in her hometown was becoming financially unviable. Before moving, she and her partner were paying over $3,100 monthly for a smaller space.
“The prices seemed too good to be true,” Allsberry said. “We were just so excited, relieved, and grateful. It didn’t feel real.”
For numerous residents, Riverview offers more than just cost-effective housing—it provides the opportunity to remain part of the community they cherish. Amidst a backdrop of escalating living costs forcing workers out of beloved towns, this initiative offers Steamboat Springs locals the increasingly elusive chance to reside where they are employed.
