Anna Allsberryschool counselor and volleyball coach at Steamboat Springs High School in Steamboat Springs, CO, is adamant that she won’t be able to continue living in her hometown except for one thing: a billionaire named Mark Stevens.
“Definitely not, no,” she tells Realtor.com®, when asked if her salary would have been able to cover the rent in downtown Steamboat Springs, with its median rent of $3,500, according to Realtor.com data.
“Housing in Steamboat is definitely an issue. It’s only gotten out of hand since I moved back after college. It was a struggle to find something at a decent price.”
Steamboat Springs may be known for quaint log cabins and pristine nature, but its home valuations reflect a much pricier reality with a median home price of $1.42 million, according to Realtor.com—not to mention much more famously expensive small towns like Nantucket, MA, and Jackson, WY.
An average-income household in Steamboat Springs would have a household budget of about $30,000 a year, or about $2,500 a month, she says Hannah Jonessenior economic research analyst at Realtor.com.
“At today’s mortgage rates, that budget would support the purchase of a home priced at around $500,000, assuming a 20% down payment. However, the typical home for sale in Steamboat Springs is priced at more than double that amount, which puts home ownership far out of reach for many local households,” says Jones.
“As a result, affordability remains a significant challenge for residents, a dynamic commonly seen in popular vacation destinations, where demand from higher-earning or high-net-worth buyers from outside the area drives prices well beyond what local incomes can support.”
While the median household income in the city is $100,156, local workers such as teachers likely make less than that.
“It’s not just low-income people who are struggling with housing,” Allsberry says. “It’s also professionals like doctors and teachers.”
Being able to live where you work … and grow up
In September, Allsberry and her boyfriend, who works at a health care nonprofit, were paying $3,100 a month for a two-bedroom, one-bathroom apartment with no closets—and that was at a discount.
But then they found out about a new rental building called Riverview Apartments that would be offering apartments to local workers well below market value. They jumped at the chance to apply for a two bedroom, two bath apartment, one with not only closets, but a dishwasher, garage, and sweeping views of the Yampa River.
The rent was much more affordable $2,050 a month.
“The prices seemed too good to be true,” she says. “Many people even thought it was some kind of scam.”
The wait for approval was stressful and competitive. The estate’s offices were so bombarded with interested parties that she had to turn off her phones, she says.
But soon, the couple got word that they had been given the apartment of their choice.
“We were so excited, relieved, and grateful,” she says. “It didn’t feel real.”
Riverview Apartments
“Offering affordable housing opportunities for local workers, our community combines comfort, convenience and connection,” says the complex’s website.
“With thoughtfully planned floor plans, modern finishes, and river views, Riverview provides a welcoming place to call home. Located steps from downtown, you’ll enjoy easy access to work, recreation, and all that Steamboat has to offer.”
And unlike the lengthy process of securing an affordable apartment through a housing authority, applicants at Riverview Apartments only need to show that at least one person in the household works 30 hours a week or more in Yampa Valley, and makes at least twice the monthly rent. (Realtor.com reached out to Riverview Apartments.)
Perhaps this “too good to be true” housing scenario can only be offered through someone very benevolent—and very rich.
The complex’s owner, Stevens, is a Silicon Valley venture capitalist worth $10.6 billion, according to Forbes, thanks to early investments in tech behemoths such as Nvidia, Google, Intel, YouTube, LinkedIn and Yahoo.
In 2019, he and his wife, Mary, announced that they would dedicate much of their time and wealth to philanthropy.
“We are proud to join Warren Buffett, Bill and Melinda Gates and the others who committed themselves to the Giving Pledge. My wife, Mary, and I feel very fortunate and blessed to find ourselves, at a relatively young age, able to give of our time, treasure and talent to a variety of philanthropic organizations in a substantial way,” Stevens wrote in a blog post.
This grant has grown to offer workers in his adopted hometown a way to live affordably in the community where they work.
The Riverview Apartments building was purchased by 970 Steamboat LLC for $95.3 million, which works out to more than $916,000 per unit, according to The Colorado Sun. The LLC is linked to the address of Stevens’ VC firm, S-Cubed Capital, the outlet says.
Allsberry, whose parents are friends with the billionaire and his wife, says she knew early on that the Stevenses had bought the Riverview Apartments and planned to make units available at reduced prices for local workers. But she swears she didn’t manage to jump the line because of the family connection.
Realtor.com reached out to S-Cubed Capital for comment but did not respond.
The billionaire in town
Stevens and his wife have lived in the small mountain town (population: 13,600) since 2020 and own Strawberry Park Ranch, an $18.5 million 562-acre ranch purchased for conservation and future family home, according to Steamboat Pilot & Today.
“It was pretty amazing that a property of that size so close to downtown Steamboat was undeveloped and left pretty much untouched,” Hall and agent Hall Brian Smithwho sold the property to the Stevens family, she tells Realtor.com.
Smith describes the sellers as “a wealthy family who didn’t do much with her [the property]. They improved the road, a bridge, and a pond, but they didn’t build any structure except a yurt.”
It was the unspoiled and spectacular beauty of the land, as well as its convenient location that appealed to the Stevens family, he says.
“They recognized the fact that it was pretty special,” he says. “When a wealthy family buys a place like that, there’s a pretty good chance it will never become available again.”