Stevens family office acquires $95 million apartment complex

S-Cubed Capital, the family office of billionaire venture capitalist Mark Stevens, has acquired a 104-unit apartment complex in Steamboat Springs, Colorado for $95.3 million — a record-setting transaction equating to more than $916,000 per unit. The purchase, made through the entity 970 Steamboat LLC, includes two newly built Riverview apartment buildings on the banks of the Yampa River. Following the acquisition, the family office slashed rents to well below market rates, offering studios at $925 per month, two-bedrooms at $1,600, and three-bedrooms at $2,125. The only qualification to rent is that tenants work more than 30 hours per week in the valley — there are no income requirements or housing authority applications. The move represents an unusual approach to addressing mountain town housing shortages: rather than waiting years for new affordable developments to be planned, approved, and constructed, the acquisition of existing market-rate properties allows for immediate impact. The family office’s intervention comes after Steamboat Springs voters rejected a 2024 plan to build over 2,000 affordable homes on nearby Brown Ranch.

About S-Cubed Capital: The Stevens family office

S-Cubed Capital is a single-family office founded in 2012 by Mark Stevens, a venture capitalist who built his fortune through early investments in technology companies during his tenure as managing partner at Sequoia Capital (1992–2012). Stevens first invested in Nvidia in 1993 and has served on its board since, making him the chipmaker’s second-largest individual shareholder after CEO Jensen Huang — a holding now worth approximately $4.7 billion. His net worth is estimated at $10.5 billion according to Forbes (September 2025). Based in Menlo Park, California, S-Cubed Capital operates an endowment-style investment model, managing a diversified portfolio across public and private equities, real estate, fixed income, healthcare, and energy. The firm backs venture capital managers including Paradigm, Josh Kushner’s Thrive Capital, and maintains positions in Sequoia Heritage and Makena Capital. Stevens also owns approximately 6% of the NBA’s Golden State Warriors. In 2013, the Stevens family joined The Giving Pledge, committing to donate a majority of their wealth alongside fellow signatories Bill Gates, Warren Buffett, and MacKenzie Scott. Their philanthropy has included over $100 million to the University of Southern California, funding the USC Stevens Center for Innovation and the Mark and Mary Stevens Neuroimaging and Informatics Institute. Mark Stevens serves on the board of the Yampa Valley Community Foundation.

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Article Source: Colorado Sun, 22.12.2025