Capital Square Breaks Ground on Colorado Property

The popular tourist destination Steamboat Springs is the site of the new community, which is being co-developed with May Riegler Properties.

Steamboat Basecamp. Rendering courtesy of Capital Square

Multifamily community developer Capital Square has launched construction on Steamboat Basecamp, a mixed-use multifamily property in Steamboat Springs, Colo. The 119-unit apartment community is slated for completion in the fall of 2023.

Steamboat Basecamp will be located at 1901 and 1950 Curve Plaza in Steamboat Springs. The address is situated at the “main and main” of the swiftly expanding West Steamboat enclave, not far off Highway 40 and less than 2 miles from downtown Steamboat Springs. Included among the residences will be 75 for-rent apartment units, as well as 30 condominiums and 14 townhomes available for purchase. Also featured will be almost 8,000 square feet of retail space available for lease. Five reservations have resulted thus far from the launch of marketing and pre-sale of the townhomes.

Favorable GMP

Capital Square entered into a joint venture with May Riegler Properties to develop Steamboat Basecamp. The development has been funded by almost $17 million raised from accredited investors in CSRA Steamboat Basecamp LLC., a private placement investment sponsored by Capital Square.

“May Riegler was able to secure advantageous construction financing at 70 percent LTC this spring, during a time when lenders began to deleverage,” Adam Stifel, Capital Square’s chief development officer, told Multi-Housing News. “Additionally, May Riegler negotiated a favorable GMP with Deneuve Construction for the Phase I apartments and retail, which avoided the large cost increases seen industrywide this year.”

In a prepared statement, a company official noted Steamboat Springs is forecast to see job growth of 57 percent in the next decade. Demand for housing outpaces supply, helping to bring about robust price appreciation in the local real estate market.

KASA Architecture serves as building architect. Deneuve Construction is the general contractor and JNS Architecture oversees the interior design. Last month, Capital Square bought a property in a suburb of Louisville, Ky.

You May Also Like