JV Breaks Ground on $39.5M N.D. Community, Banks on Oil Boom
Williston, N.D.—In a joint venture, Braxton Development and The Sterling Group have broken ground on a $39.5 million luxury community in Williston, N.D. This area is currently a hot spot for development, thanks to the Bakken Shale Formation’s oil boom.
“We were drawn to Western North Dakota after investigating Bakken/Three Forks Oil Shale Formation and the exponential growth in the Williston Basin,” Lance Swank, president of The Sterling Group, tells MHN. “There is an overwhelming demand for high quality housing in this market and North Gate Apartments will be unlike any other apartment home community in Western North Dakota.”
The community, called North Gate Apartment Homes, will include 12 buildings with 300 units, featuring a mixture of one-, two- and three-bedroom apartments. The floor plans will range in size from 709-1,305 square feet, and the rents will range from $1,950-$3,500 a month.
The apartments will include full-size washers and dryers, fully equipped kitchens and walk-in closets. Residents will also be able to rent storage lockers, which are located in each building, to store items with oil residue.
Amenities will include a clubhouse, cyber café with Wi-Fi, fitness center, an outdoor fireplace with grilling station, car care center and recycling center. There also will be attached and detached garages, heated exterior storage areas and car/truck pug-ins. Additionally, North Gate will be pet friendly.
There will also be green elements.
“Our apartment homes will also feature Energy Star rated appliances, high efficiency gas heat, and a central trash and recycling collection center,” Swank says.
North Gate is expected to be open in the spring of 2014.