Chicago-based Evergreen Real Estate Group, a leader in the development, construction and management of both affordable and market-rate multifamily properties, has announced the start of construction on Rifle Apartments, a 60-unit income-restricted rental community in Rifle, Colorado in between Grand Junction and Aspen.
Evergreen executives joined Rifle Mayor Sean Strode, Colorado State Sen. Perry Will, other city officials and project partners for a ceremonial groundbreaking on Sept. 27. Filling a vacant 4.7-acre site at 115, 123 and 131 Park Avenue, Rifle Apartments is the first family-oriented Low-Income Housing Tax Credit (LIHTC) project built in Rifle over the past 20 years, aligning with the city’s Downtown Transit-Oriented Development (TOD) Strategic Plan and Comprehensive Plan.
“Rifle Apartments is a pioneering development that will bring much-needed affordable housing to the largest undeveloped parcel in the city’s central business district, where shops, restaurants and other services – including a major regional bus route – are a short walk away,” said Javonni Butler, vice president of development for Evergreen Real Estate Group and head of the firm’s Denver office. “Our team worked closely with city officials to integrate the development into Rifle’s existing infrastructure, and the result will be a modern, highly functional residential community that provides the amenities, beautiful mountain views and green space renters are looking for in this area. With hundreds of individuals and families on the local housing authority’s waiting list, we are pleased to help provide homes for those most in need in this vibrant community.”
Comprising a trio of three-story buildings, Rifle Apartments will offer 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 will be set aside as project-based voucher units for families who are at or below 30% AMI. The community will be professionally managed by Evergreen, with pre-leasing expected to begin in summer 2025.
On-site amenities will include a community room, fitness room, storage lockers and abundant green space that includes a playground. The development also will offer 115 free parking spaces, including EV-ready charging stations.
“This project provides a significant benefit to downtown Rifle and is the culmination of decades of planning and foresight by the City of Rifle,” said Sean Strode, Mayor of the City of Rifle. “We are now one step closer to delivering 60 new, affordably priced residences right here in downtown Rifle. In addition to providing needed housing to local workers, the community will allow area families to live close to schools, the public library and other amenities like Centennial Park.”
Designed by ej architecture, pllc to achieve National Green Building Standard (NGBS) Bronze level, Rifle Apartments will be 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, and AHIF funds from Colorado Clean Energy Fund, Deferred Developer Fee, and CHFA permanent debt.
Also in Colorado, Evergreen is developing a 170-unit income-restricted rental housing community in Denver’s Globeville neighborhood. The project will have 20,000 square feet of community-serving commercial space including a co-located Denver Public Library branch.
