Northmarq completes $33.5 million sale of Basecamp Apartments in Montrose, Colorado
DENVER, COLORADO (January 23, 2023) – Northmarq’s Colorado Multifamily Investment Sales and Debt/Structured Finance teams led by Alex Possick, Seth Gallman, Mark Jeffries and Jeff DeHarty listed and completed the $33,500,000 forward sale of Basecamp Apartments in Montrose, Colorado. Basecamp Apartments is a pristine core trophy asset, situated within a Qualified Opportunity Zone in one of the most unique and supply constrained rental housing markets in the United States. Northmarq represented the seller, Range Colorado. The property was acquired by Blueline Equity Partners.
“Basecamp Apartments is the first best-in-class, market-rate multifamily community of scale delivered in the Montrose rental housing market. The property is nestled at the heart of The Colorado Outdoors master-planned community, a 670,000 sq. ft. development featuring the region’s top housing, employment, retail, dining and lodging amenities. Basecamp’s locational attributes, make the property irreplaceable and position the asset as the premier choice for those seeking the elite live-work-play experience in one of the nation’s most sought-after mountain towns,” said Possick. “The combination of the market fundamentals, placement within a Qualified Opportunity Zone and investor demand for well-located, high-quality multifamily investment opportunities, enabled the team to execute on one of the largest commercial real estate transactions in the history of the Montrose market.”
Basecamp Apartments, slated to open this year, offers one and two-bedroom floorplans (ranging from 719 to 995 sq. ft.). The units feature stainless steel appliances, wine refrigerators, hard surface countertops and a modern flooring & lighting package. Basecamp Apartments offers the ideal combination of mountain living with sleek finishes, modern floor plans and spectacular mountain and river views. These attributes are major attractors for Montrose’s upper-income discerning residents who desire an upscale living experience.
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
