Venture capital investor Mark Stevens has acquired the 104-unit Riverview apartment complex in Steamboat Springs, Colorado, for more than $95 million, positioning a significant portion of the units well below market rates, according to Colorado Sun reporting, citing Routt County assessor records.
The transaction totals more than $916,000 per unit, setting a record for the mountain town. The deal stands out in a market where rental affordability is increasingly strained.
The property consists of two pieces of infrastructure: a 64,000-square-foot apartment building on about an acre and a 42,000-square-foot building on a half-acre along the banks of the Yampa River.
The Riverview project has a long and complex history. Initially proposed in 2004 as a riverfront development with more than 70 luxury condos, seven affordable homes, a hotel, commercial space and underground parking, the plan stalled during the late-2000s recession. A Chicago-based investment group took over and listed the 5-acre parcel for $31.9 million in 2018, but it was sold piecemeal, with single-family and duplex lots going for roughly $1 million each, while commercial parcels were sold to local businesses.
In 2024, Gorman & Company completed two apartment buildings totaling 104 units, including 11 workforce housing units supported by a low-interest loan from the city’s short-term rental tax fund. Gorman, which has developed more than 800 affordable housing units across the region, retained the deed restrictions on those workforce units. In September 2025, 970 Steamboat LLC acquired the property in full, marking one of the largest multifamily transactions in Steamboat Springs in recent years.
A month after acquiring the complex, 970 Steamboat LLC listed units at prices well below market rates. Studios rented for $925 a month, two-bedrooms for $1,600, and three-bedrooms for $2,125. Aside from the 11 units previously set aside for city workers, there is no public subsidy for the apartments. Rental eligibility is not tied to income or area median income charts, which have been skewed in mountain towns as work-from-home residents relocate to rural communities. The only requirement for tenants is that they work in the community.
Stevens has long-standing ties to Steamboat Springs, including ownership of the 562-acre Strawberry Park Ranch north of downtown. He has been an early investor in tech companies like Nvidia and is a minority owner of the Golden State Warriors. The billionaire and his wife joined The Giving Pledge in 2013, committing to give away a majority of their wealth, teaming up with philanthropic leaders including Bill Gates, Ted Turner, MacKenzie Scott and Warren Buffett.
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