Northmarq’s Denver office announces $39 million sale of 120-unit LIHTC multifamily property in Eagle, CO

DENVER (June 19, 2024) — Northmarq’s Denver Multifamily Investment Sales team of Regional Managing Director Dave Martin and Senior Vice President Brian Mooney has completed the sale of Eagle Villas Apartments for $39 million. The 120-unit multifamily community was originally constructed as a Low-Income Housing Tax Credit (LIHTC) property in two phases.

Phase I (100 units) of Eagle Villas was completed in 1994 and is subject to a 30-year Land Use Restriction Agreement (LURA) that was set to expire in 2025. Phase II consists of 20 units constructed in 1997 subject to a 50-year LURA. Northmarq began marketing the property for sale in November last year on behalf of the seller, Eagle Villas LLC, who acquired the property in 2013. The marketing process culminated with a spirited bid process resulting in several highly competitive offers from an array of buyer profiles including a number of affordable housing investors.

Ultimately Denver-based Ulysses Development Group (UDG), along with their partners at Eagle County Housing and Development Authority and the Colorado Department of Local Affairs, emerged as the buyer which will institute a new LURA to maintain affordability restrictions for the next 60 years – a monumental achievement for Eagle County as a whole where there is a severe dearth of affordable and/or attainable housing options.  

“To say that we are pleased with how this sale panned out would be an immense understatement,” said Mooney. “Ulysses Development Group worked tirelessly bringing together an array of stakeholders and financial partners to not only ensure existing residents are not displaced, but more importantly to preserve the affordability of the Eagle Villas community for decades to come. Housing affordability is arguably the most significant factor impacting the Vail Valley, and UDG’s relentless pursuit to acquire and maintain the affordability of Eagle Villas is a huge win for the community.”

“Eagle Villas has been providing affordable housing to Eagle County residents since the mid-1990s,” said Blaise Rastello, vice president at UDG. “Preserving the affordability of the units at this housing complex has been a top priority for UDG, and it reaffirms our commitment to providing long-term affordable housing solutions to Colorado communities, including our mountain towns, especially when quality housing is at a premium. We look forward to working with DOLA and CHFA in the coming months to deploy the necessary resources to begin the planned renovations in early 2025.”

Eagle Villas is conveniently located at 405 Nogal Rd. in Eagle, Colorado within walking distance of public transportation and a 20-minute drive from Beaver Creek and 30 minutes from Vail. Residents enjoy picturesque living near the Rocky Mountains and Eagle River as well as easy access to Interstate 70. Eagle Villas offers two, three- and four-bedroom apartment homes ranging from 874 to 1,200 sq. ft. Each unit features a fully equipped kitchen, walk-in closets and a private patio/balcony to enjoy the mountain scenery. The property has been well-maintained, and, through the new UDG partnership, is expected to undergo significant improvements to the common areas and unit interiors.  

About Ulysses Development Group
Ulysses Development Group (UDG) develops, acquires, and invests in affordable housing, harnessing best-in-class practices and long-term solutions for all stakeholders and communities. UDG is guided by four principles: people first, integrity, continuous improvement, and do the right thing. For more information, visit http://ulyssesdevelopment.com.