Steamboat Springs billionaire buys new apartment complex and slashes rent to help curb housing shortage [View all]

Venture capital investor and Steamboat Springs resident Mark Stevens acquired the 104-unit Riverview apartment complex for more than $95 million and offered units for well below market rates

https://coloradosun.com/2025/12/15/steamboat-springs-billioniare-housing/

Landin Hutchison was ready. The minute the office at the Riverview apartment complex opened, he was there with money in hand. A month later, he and his partner, Piper Rillos, who works with special needs students at Sleeping Giant School, and their 2-year-old son were moving into a new two-bedroom apartment in downtown Steamboat Springs, paying a little over $2,100 a month .

“We are pretty much saving a grand a month and living in town now,” said Hutchinson, a construction worker who moved his family from a home near Oak Creek a half-hour away. “We feel very, very fortunate. There are a lot of people here who are super appreciative of this opportunity.”

There are more than 100 local residents like Hutchison and Rillos in the new Riverview apartment buildings who can thank the complex’s new owner, 970 Steamboat LLC, which spent $95.3 million on the Riverview apartment complex in September.

The two buildings — a 64,000-square-foot apartment building on about an acre and a 42,000-square-foot building on a half-acre — on the banks of the Yampa River were envisioned as luxury apartments before 970 Steamboat LLC bought the buildings and announced they would rent to working locals for below-market rate prices. The record-setting transaction equated to more than $916,000 per unit.