In a landmark downtown deal, Riverview Steamboat LLC sold two prime Riverview properties to 970 Steamboat LLC on September 29, 2025, for $95,300,000. The transaction included:
-
A 64,234-square-foot apartment building on 0.89 acres
-
A 42,015-square-foot apartment building on 0.51 acres
(Lots B & E in the Downtown Riverview Subdivision)
A Brief History of Riverview
The story of Riverview stretches back more than two decades. The site was originally envisioned as Riverwalk, a mixed-use community concept launched in 2004 that called for residential units, deed-restricted housing, hotel rooms, commercial space, and underground parking along the Yampa River.
Infrastructure work began around 2008, including significant flood-control improvements- relocating portions of Spring Creek and installing box culverts- before the Great Recession put the project on hold.
After years of inactivity, the project was revived in 2017 and rebranded as Riverview, adopting Planned Unit Development (PUD) zoning to allow greater flexibility for residential and commercial use. In 2018, the ~4.74-acre site was publicly listed for roughly $31.9 million, setting the stage for phased redevelopment.
Over the years, parcels have sold in stages, including the Natural Grocers site purchase in 2021, which marked the project’s first active retail presence and signaled momentum returning to this key downtown corridor.
From Vacant Land to Record Sale
Two of the key parcels within Riverview, Lots B and E, were sold separately in 2022 for a combined $5.6 million when they were still undeveloped. By 2024, both had been fully built out into apartment buildings totaling over 106,000 square feet and 104 units combined.
Their joint sale in 2025 for $95.3 million represents one of the largest multifamily transactions in Steamboat history and a striking example of value creation through vertical development and long-term planning.
At that price, the sale equates to roughly $916,000 per unit and about $897 per square foot, setting a new benchmark for stabilized multifamily properties in downtown Steamboat.
Now, with Parcels B and E changing hands, Riverview has entered a new chapter, one that reflects how far downtown Steamboat has come since that early vision of walkable, riverfront living.
Why This Matters for Steamboat
This sale isn’t just notable for the price, it’s a signal of investor confidence in downtown Steamboat. In a market with limited downtown land and high demand for rentals, a deal of this size underscores the long-term value of density and walkable communities near the Yampa River.
The Riverview project has been years in the making, with a master plan designed to bring a mix of housing, commercial space, and public amenities to the river corridor. Earlier reports highlighted millions invested in infrastructure and a PUD vision that balances riverfront access with downtown growth.
Riverview in Context: A Quick Timeline
-
2004: Original “Riverwalk” concept introduced, envisioning a high-density mixed-use community.
-
2008: Infrastructure work begins but stalls due to the recession.
-
2017: Redevelopment revived and rebranded as “Riverview” under new PUD zoning.
-
2018: Site listed publicly for ~$31.9M.
-
2021: Natural Grocers completes land purchase, becoming the first active business within the site.
-
2022: Lots B & E sell separately for a combined $5.6M as undeveloped parcels.
-
2024: Both parcels completed as apartment buildings (104 total units).
-
2025: Parcels B & E (322 & 325 Riverview Way) sell together for $95.3M – a record-setting transaction.
Looking Ahead
With Parcels B and E now under new ownership, Riverview’s vision is nearly complete. For downtown Steamboat, this moment reflects:
-
A potential reset in apartment and rental property values, as newer inventory helps define what premium downtown living now looks like.
-
Steady demand for well-located, modern rentals, supported by a limited supply of quality units near the river and the walkable core.
-
Continued upward pressure on downtown land values, especially for mixed-use sites that combine lifestyle, location, and long-term investment appeal.
-
At the same time, it highlights an ongoing challenge for local housing affordability, as rising rents and investment-driven projects continue to widen the gap between market-rate and attainable homes for year-round residents.
From Us, As Locals
We’re grateful to watch Steamboat continue to evolve. Deals like this show the balance our valley is trying to strike, preserving what makes Steamboat special while building thoughtfully for the future and providing attainable housing for our workforce.
Whether you’re tracking investment opportunities, managing a rental property, or simply care about the future of Steamboat’s growth, we’re here to help you navigate what’s next with insight rooted in this community.
📧 robert@teamyazbeck.com
📱 970.846.7685
🔗 View Listings
🔗 Schedule a Consultation
