Anglers 400 income-based apartments to release rental guidelines Sept. 15
Overland Property Group Managing Partner Matt Gillam is excited for the upcoming opening of the 75-unit Anglers 400 affordable apartment complex in late fall because he had his eye on that property for about eight years.
“It was the best undeveloped site for this particular housing. It’s pretty special,” Gillam said Friday.
The specific rental details for the development, which will serve people earning 30-80% of area medium income, will be posted at noon Sept. 15 on the Facebook page “Anglers Four Hundred.” The energy-efficient units in the four-story complex with air conditioning and an internal hallway will feature one-year leases.
The 75 apartments in the complex will be pet friendly, and there will be four one-bedroom, one-bath units at approximately 650 square feet, 33 two-bedroom, one-bath units at approximately 825 square feet and 38 three-bedroom, two-bath units at approximately 1,125 square feet.
Overland Property Group, the developer and financial guarantor, shares ownership of Anglers 400 with nonprofit Yampa Valley Housing Authority. Overland has developed 80 communities across the U.S. and has an office in Denver but is based in Kansas.
The final construction cost of Anglers 400 hit $28.6 million, which increased from the previously reported $27 million due in part excavation of soils being more complicated than was originally anticipated and water seepage issues from the adjacent hillside, Gillam said. He also noted significant increases in framing lumber costs for construction, which began in March 2022.
This is the third affordable housing project as a collaboration between Overland and the housing authority that previously opened The Reserves on Elk River Road and Alpenglow Village next to Walgreens in the mid-town area. However, the area medium income profile for Anglers 400 renters will be different. Anglers 400 will rent 10 units at 30% AMI, 12 at 40% AMI, 11 at 50% AMI, 12 at 60% AMI, 18 at 70% AMI and 12 at 80% AMI.
That profile for renters based on area median income will stay the same for a 40-year compliance period, Gillam said. The rentals will be managed by a third-party company whose name has not yet been released.
“We are most interested in building quality, keeping the community maintained and operating at a high level,” Gillam added. “We do not sell any of our community developments.”
Gillam said Anglers 400 includes a community room, small fitness area and mail box area between the two four-story apartment buildings. A children’s playground and small dog park are planned outside.
One of the final steps toward completion of the project is the arrival of electric meter boxes for the individually metered apartments because the boxes are experiencing a nationwide shortage, Gillam said.
The housing developer said although some local subcontractors were used on the project, securing a sufficient skilled workforce, in particular framing crews, was “a struggle that we’ve experienced just like everyone else has.”
Arco National Construction based in St. Louis, Missouri, managed the construction.