Billionaire Purchases Luxury Apartments for Employee Housing
In a notable real estate transaction, billionaire Mark Stevens, through his firm 970 Steamboat LLC, has purchased the Riverview apartment complex in downtown Steamboat Springs for $95.3 million. This significant investment aims to provide luxury apartments for local workers at below-market rental prices.
Billionaire Purchases Luxury Apartments for Employee Housing
Stevens, an investor known for his involvement with tech companies like Nvidia and as a minority owner of the NBA’s Golden State Warriors, has shifted his focus to community impact through affordable housing initiatives. The transaction was finalized in September 2025, marking an unprecedented price of over $916,000 per unit.
Features of the Riverview Apartments
The Riverview complex comprises two buildings: a 64,000-square-foot structure on one acre and a 42,000-square-foot building on half an acre. Positioned alongside the Yampa River, these apartments are designed to cater to those employed in the area. Below-market rents are available for individuals working over 30 hours a week without strict income qualifications.
- Monthly Rent:
- Studios: $925
- Two-bedroom units: $1,600
- Three-bedroom units: $2,125
More than 100 occupants, including local residents like Landin Hutchison and Piper Rillos, have already moved into these homes, expressing gratitude for the opportunity. The couple, who relocated from a nearby town, reported that the affordable rents enable them to save significantly while living in the community.
Impact and Future Prospects
This initiative is seen as a crucial step in addressing the housing crisis in Steamboat Springs, where existing projects often face lengthy approval processes. Housing authority officials emphasize the urgency, noting that many workers cannot afford to wait years for new developments.
In an era where wealth concentration is prevalent, Stevens and his partner, Mary, are being recognized for their community-focused approach. By investing in available housing rather than new developments, they aim to alleviate the immediate needs of local workers and preserve the community’s cultural integrity.
This move aligns with broader trends as other billionaires, such as Mark Walters and Bob Fanch, also invest in Colorado’s mountain towns. The goal remains consistent: to address the deepening inequalities in affordable housing while fostering local growth.
As initiatives like the Riverview project continue to emerge, they highlight an emerging model for tackling urgent housing shortages in mountain communities, potentially reshaping the affordable housing landscape in Colorado.
