Eagle Villas Secures $12.6 Million Deal to Keep 120 Families Affordable

Aspen —What happens to the 120 families living in Eagle when their landlord decides to sell?

Juliette Kennedy stood in the parking lot of Eagle Villas, watching construction crews finish up the final touches on the building’s exterior. She had just given birth to her son, who was diagnosed with a congenital heart defect, when she learned in 2023 that the property was on the market. If Eagle Villas went to the open market, prices would skyrocket. Her family of five would have to move to Denver, upending the life she and her children had built in Eagle County.

They didn’t have to leave.

Instead, Ulysses Development Group (UDG) stepped in. After losing an initial bid in the fall of 2023, the development group returned with a stronger offer and secured ownership in 2024. On August 11, residents, state and local officials, and renovation partners celebrated the "grand reopening" of the income-restricted housing complex. The deal ensures that Eagle Villas will remain affordable for the next 60 years.

The community has been a staple in the town of Eagle since 1994, serving families who earn between 45% and 60% of the area’s median income. Converting these units to market rates would have displaced residents like Kennedy, but UDG’s acquisition changed that trajectory.

Blaise Rastello, vice president of development at UDG, joined the company in the summer of 2023. This project was one of his first major initiatives. He understood the stakes: if the affordable restrictions expired, the current residents would be priced out.

“We have no intention of selling this property; we are going to be the owners and operators for as long as we can,” Rastello said.

The renovation was no small feat. The construction team invested approximately $104,000 per unit, totaling a $12.6 million overhaul of the 120 apartments. To fund this, UDG collaborated with the Eagle County Housing and Development Authority to secure new tax credits. The financial puzzle was complex, involving multiple layers of government support and private investment.

Eagle County provided a $4 million loan, while the Colorado Department of Local Affairs contributed $5 million and another $3.4 million through its Affordable Housing Revolving Loans and HOME Investor Program. JP Morgan Chase financed $41.4 million, with an additional $25 million secured through other channels. National Equity Fund, the project’s equity investor, contributed $22.9 million.

Rastello noted that there was too much at stake for any level of government to say no. He knew he had to secure the deal to protect the community’s stability.

The result is a stabilized housing option for locals who might otherwise have been pushed out by rising costs. For Kennedy, the news meant her son could continue receiving care locally without the family packing up for Denver. The buildings look different now — fresh paint, updated amenities — but the core mission remains unchanged.

Stand there long enough and you can see the difference in the faces of the residents. They aren’t looking over their shoulders, waiting for a notice that says move out. They are staying. The property is theirs to hold, and for the next six decades, so is their home.