MGL Partners is developing Iliff Terrace, a planned 50-unit affordable housing community for adults age 62 and older at 4750 E. Iliff Ave. in Denver's University Hills neighborhood. Completion and leasing are expected by August 2026. The four-story building sets rents according to income, serving residents earning between 30% and 80% of the area median income, with an average affordability level of 55% AMI across the property.
MGL Partners, a Denver-based developer of multifamily, senior, workforce and affordable housing, is developing Iliff Terrace. The building includes 44 one-bedroom homes and six two-bedroom homes, giving older residents a mix of layout options as they downsize or relocate within the city.
What's Inside the Units and the Building
Each apartment comes equipped with an in-unit washer and dryer, solid-surface countertops, Energy Star appliances, tile kitchen backsplashes and spacious closets, according to MGL Partners. Residents also have access to free Wi-Fi throughout the building, part of a broader package of on-site amenities designed to support everyday needs.
Shared spaces include a community room, a fitness room, a community garden and a sky lounge with mountain views, plus access to a fourth-floor deck, per the same account. The property is an all-electric building with energy-efficient systems, and its accessibility features exceed Americans with Disabilities Act minimum requirements.
Service Coordination and Who Iliff Terrace Serves
Iliff Terrace includes a part-time, on-site service coordinator through a partnership with Eaton Senior Communities, which also serves as the project's special limited partner and supports its property tax exemption. The coordinator will connect residents with local resources and support services, the report notes.
Residents also have access to public transportation, health care, groceries and neighborhood amenities from the University Hills location. Danielle Vachon Bell, development director at MGL Partners, has cited the housing shortage and the need for affordable homes.
Colorado's Older-Adult Population Is Growing
The project arrives as Colorado's older-adult population is projected to grow by 70% over the next two decades, according to an MGL Partners development director cited by FOX31. That projected growth underscores the need for housing for older adults.
Iliff Terrace was financed with 9% federal Low-Income Housing Tax Credits, alongside state tax credits allocated by the Colorado Housing and Finance Authority and purchased by RBC and Sugar Creek Capital. The Colorado Housing and Finance Authority has served as the state's allocating agency for Housing Tax Credits since the program began in 1986, and it included Iliff Senior Apartments among the developments receiving a federal 9% Housing Tax Credit reservation in its 2024 funding round.
A Broader Funding Picture Statewide
That 2024 round awarded federal 9% Housing Tax Credit reservations to 13 developments supporting 703 affordable rental-housing units statewide, with the awards estimated to generate more than $158.9 million in private-sector equity investment, according to CHFA. The Mile High CRE report pegs Iliff Terrace's total development cost at an estimated $25.8 million.
A rendering of Iliff Terrace credited Santulan Architecture.
