Housing affordability continues to be one of the most pressing challenges in Steamboat Springs. As home prices and rents have climbed, many of the people who make this community work (teachers, healthcare professionals, service workers, and longtime locals) have found it increasingly difficult to stay.
That’s why recent news out of downtown Steamboat offers something we don’t get often enough in the housing conversation: genuine hope.
In December 2025, a Steamboat Springs resident and venture investor purchased the 104-unit Riverview Apartments in downtown Steamboat and is leasing the homes to local workers at well-below-market rates to help address the housing shortage many here feel deeply.
How Much Are Rents at Riverview Apartments?
Part of what makes this initiative tangible for local workers is the affordable rent structure. Since the new ownership took over, units have been offered at rates that are far lower than typical downtown Steamboat rents:
- Studios are renting for about $925 per month
- One-bedrooms around $1,600 per month
- Three-bedrooms about $2,125 per month
These rents formed lines of prospective tenants, a sign of how much the community has been longing for attainable housing options close to jobs and daily life. And unlike many “affordable” programs tied to income thresholds, the only qualification here has been working in the community, keeping the focus on real local needs.
What Property Was Purchased and Why It Matters
The property, known as Riverview Apartments, sits near downtown and has quick access to jobs, services, and transit, exactly where local workers need to be. Rather than allowing the buildings to be repositioned as upscale rentals, the new ownership has focused on stabilizing rents so residents can continue living close to where they work and play.
This approach is especially meaningful in a resort town like Steamboat, where housing pressures can push workers farther from town or out of the community entirely.
More than 100 locals have already moved into the newly leased homes, finding rent that is significantly more affordable than similar units elsewhere in the valley.
How The Riverview Apartments Help Steamboat’s Housing Shortage
Affordable housing isn’t just about rents and roofs, it’s about people being able to stay in the community they help build and sustain.
By maintaining below-market rents for people who work locally, this project supports Steamboat’s schools, service industries, healthcare facilities, restaurants, and nonprofits. When workers are priced out of town, everything from staffing to school enrollment feels the impact. This purchase supports continuity and connection, two hallmarks of what makes Steamboat feel like home.
A Different Kind of Investment
What makes this effort stand out isn’t just the scale, it’s the choice behind it. Instead of maximizing short-term financial gain, the new ownership prioritized long-term community good. It’s a reminder that real estate, especially in small mountain towns, can be used as a vehicle for positive impact.
While affordable housing solutions are complex and require many moving parts, this purchase exemplifies how private investment can complement public sector efforts and nonprofit work to create meaningful change in the short term.
Frequently Asked Questions
How much did the Riverview Apartments cost?
The Riverview Apartments were purchased for approximately $95.3 million in September 2025, one of the largest multifamily transactions in Steamboat’s history. Team Yazbeck
Who bought the Riverview Apartments?
The property was acquired by a company tied to Steamboat Springs resident and venture investor Mark Stevens, who chose to lease the units at below-market rates to local workers. The Colorado Sun
What are the rents like at Riverview?
Studios are around $925/mo, one-bedrooms around $1,600/mo, and three-bedrooms about $2,125/mo – significantly below typical downtown Steamboat market rents. The Colorado Sun
Is Riverview now affordable housing?
While not deed-restricted in the traditional sense, the apartments are being offered to people who work locally at rent levels well below what similar units in downtown Steamboat would command. The Colorado Sun
Why is affordable housing important in Steamboat Springs?
Affordable housing allows the community’s workforce (teachers, healthcare workers, restaurant staff, and more) to live near where they work. This strengthens local businesses, supports families, and maintains the social fabric that makes Steamboat special.
Can private investors help the housing shortage?
Yes. While no single solution will fix the housing shortage, examples like the Riverview purchase show how private investment can provide immediate relief and help bridge gaps as long-term policy and development efforts catch up.
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