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Ranch Builders Converts Luxury Apartments into Affordable Housing

DENVER-A Las Vegas developer is taking the proverbial course by following the money, but this time it's with what is being touted as an affordable condominium project that is being created out of a former luxury complex.

By John Rebchook | Updated on October 26, 2000

DENVER-A Las Vegas developer is taking the proverbial course by following the money, but this time it’s with what is being touted as an affordable condominium project.

Ranch Builders Inc. has converted a luxury apartment complex in southwest Denver into 240 units that start at less than $100,000. The Miralago at Marston Lake, located at 4760 S. Wadsworth Blvd., is one of the most affordable projects in the area, says Robert Trenka, the listing broker with Denver-based Trenka & Associates.

The undertaking marks Ranch Builders’ “first foray into condo conversions,” says Trenka. One-bedroom units range in size from 700 sf to 885 sf and are priced from $98,900 to $154,900; two-bedroom units go from 1,010 sf to 1,164 sf and range in cost from $127,900 to $160,900. To date, 98 units are under contract or sold, with about 18% of the buyers being present renters.

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