Iliff Terrace, 4750 E. Iliff Ave., University Hills, Denver, Colorado

Iliff Terrace is small, and that’s the point. MGL Partners opened the 50-unit affordable senior building at 4750 E. Iliff Ave. in Denver’s University Hills neighborhood on Oct. 22, 2026, a little over a year after breaking ground in August 2025.

The four-story building is for residents 62 and older earning 30% to 80% of area median income, with an average affordability level of 55% of AMI, according to the Denver-based developer. Santulan Architecture designed it and BC Builders built it. The total development cost was reported at $25.8 million at groundbreaking.

Project Scope

Apartments are a mix of one- and two-bedroom units, each with in-unit washers and dryers and Energy Star appliances. Shared space includes a community room, fitness room, garden and a fourth-floor lounge and deck with mountain views. The building is all-electric and EV-ready, and MGL says accessibility features go beyond ADA minimums. Wi-Fi runs throughout.

Silva Management Partners manages the property. Eaton Senior Communities provides a part-time on-site service coordinator and also serves as special limited partner, which supports the project’s property tax exemption.

The capital stack is a textbook Colorado LIHTC deal. The Colorado Housing and Finance Authority allocated federal low-income housing tax credits and state credits. RBC bought the federal credits and Sugar Creek Capital bought the state credits. Denver’s Department of Housing Stability, Impact Development Fund and the Colorado Health Foundation added support, and the city’s Office of Climate Action, Sustainability and Resiliency provided rebates for going all-electric.

Why It Matters

The niche is the 61% to 80% AMI band. MGL said at groundbreaking that Iliff would be the only age-restricted community in the area offering LIHTC units at that level, which covers retirees who earn too much for deeply subsidized housing but can’t absorb market rents on a fixed income. MGL cites projections that Colorado’s older adult population will grow 70% over the next two decades.

It’s also a useful cost benchmark. At roughly $516,000 per unit all-in, a 50-unit, four-story, all-electric building with services isn’t cheap. But it’s an infill site near transit, groceries and health care, and it came together in about 14 months of construction. Expect more of these mid-size senior deals as Denver leans on tax credits and city gap funding to keep older residents in their neighborhoods.

Project Team & Details