Latest acquisition: 48-unit in Great Falls, Montana

On November 6, 2012 by Phil Champagne

Southwest Montana Properties, LLC – a Wren Investment Group, LLC affiliate, latest acquisition:

Great Falls, Mont., November 6, 2012 /Newswire/ — Southwest Montana Properties, LLC has acquired Mountain View Apartments, a 48-unit community located in Great Falls, Montana.  Southwest Montana Properties worked with James Powell of Wells Fargo to arrange financing for the purchase.  Tim Flint & Brandon Grisham of Marcus & Millichap represented the seller, Rocky Mountain Development Group, while Steve Inman of Tamarack Property Management Company & Karen Burkett of Real Estate Management Specialists, Inc. advised Southwest Montana Properties in the transaction.

Built in 1996, the property consists of two buildings, a picnic area, a playground, a basketball court, and structured parking. The property has an attractive unit mix with 12 spacious two-bedroom units, and 36 spacious three-bedroom units along with a diverse amenity package.  It is ideally located next to the University of Great Falls and Montana State University, and blocks from the Holiday Village Mall on the desirable Southeast side of Great Falls.

Chad Laird, Managing Partner for Southwest Montana Properties comments, “This institutional-quality asset possesses enormous upside potential,” noting that the 1996-built multifamily property has been well-maintained. “We will continue to upgrade the property in order to realize its full potential, enabling a market-leading rent position in the rapidly strengthening Great Falls sub-market.  Ideally located near several retail destinations and next door to our dynamic universities, Mountain View is well positioned to over perform.”

Mr. Laird goes on to say, “We have a capital improvement plan to invest additional capital in exterior appeal, interior upgrades & additional amenities.  Tower Hill is a great example of what we are targeting: desirable properties with a solid financial history where there is clear value add potential.”

Mr. Laird, added, “We expect historic interest rates, strengthened capital markets, and the slow multifamily construction of the past few years to enable this sector to maintain its leadership position through 2013.”

About Southwest Montana Properties, LLC: Southwest Montana Properties, LLC (http://www.southwestmontanaproperties.com) specializes in multifamily real estate investment in emerging markets throughout the United States and Canada, sourcing stabilized, value-add apartment properties located in stable sub-markets which are poised for growth.  These properties are aggressively repositioned to effect: 1) Revenue maximization through targeted capital improvement; 2) Cost containment through the implementation of institutional asset & property management.  Southwest Montana Properties strategically targets exit from dramatically appreciated assets timed to coincide with an optimal position in the local market cycle.  Hold windows average five to seven years.

If you’d like to schedule an interview with one of the partners, please call Chad Laird (406-582-7853) or e-mail at chadlaird@southwestmontanaproperties.com

 

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