Billionaire Mark Stevens Flips the Script on Steamboat Housing

Living and working in a premier ski destination is the dream, but for many in Steamboat Springs, that dream has been teetering on the edge of a nightmare. Median home prices in the area has risen to $1.42 million and the people who make the town function are being pushed out. However, a significant move by local billionaire Mark Stevens is providing a rare glimmer of hope.

Through his firm S-Cubed Capital, Stevens recently acquired the Riverview apartment complex for a staggering $95.3 million. While the project was originally envisioned as high-end luxury units, Stevens had a different vision. Instead of chasing maximum profits, he immediately slashed rent prices to well below market rates. This move provides 104 units of high-quality housing specifically for those who live and work in the valley.

The impact of this acquisition is already being felt by the community. Studios are $925 a month, while three-bedroom units are $2,125—prices that were unthinkable for new builds in Steamboat. To qualify, residents simply need to prove they work at least 30 hours a week within the Yampa Valley. This approach cuts through the typical red tape associated with subsidized housing, offering a fast solution to an acute problem.

At TGR, we know that a mountain town is only as strong as the crew that keeps it running. While one private investment won't solve the national housing crisis, Stevens’ move sets a powerful precedent for how wealthy residents can reinvest in the places they call home. It's about keeping the spirit of Steamboat alive by ensuring the locals who shred these mountains can actually afford to live at the base of them.