SWMP’s Closes 62-unit Apartment community in fast growing Billings, MT

On December 11, 2013 by Phil Champagne

Edgewood-Front

 

Billings, Mont., December 10, 2013 /Newswire/ — Southwest Montana Properties, LLC has acquired Edgewood Apartments, a 62-unit community located in Billings, Montana.  Southwest Montana Properties worked with Bill Cave and his team at Wells Fargo Multifamily Capital in Dallas to arrange the debt financing for the purchase.  Brandon Grisham of Marcus & Millichap represented the seller, Rocky Mountain Development Group, while Mark Miller at Braaksma & Miller, represented Southwest Montana Properties.  Steve Inman, Jeryl Schneider & team at Tamarack Property Management Company, headquartered in Billings, will take the lead in the management of the property.

Built in 1997, the property consists of three secured residential buildings and three additional buildings containing resident garages.  Existing improvements include a sports court, a children’s playground, detached resident garages, three coin-op equipped laundry room facilities, and a maintenance shop.  The property has an attractive unit mix of 42 large two-bedroom units, 18 large three-bedroom units, and a couple of one-bedroom units, all of  which have breakfast nooks, walk-in closets, and air conditioning.  Edgewood is ideally located in the Billings Heights neighborhood a few blocks from Main Street / U.S. 87, the main artery through the middle of the Heights which is lined with a concentration of retail, banking, & dining, and is also a short drive to Logan International Airport , Montana State University – Billings, and corporate employers in downtown Billings.

Chad Laird, Managing Director at Southwest Montana Properties comments, “Edgewood is an attractive asset for our entry into the fast-growing Billings market”, noting that the newer multifamily property has great curb appeal.  “We’ve put together a plan for targeted capital investment that will augment Edgewood’s attractive floor plans and sought after amenities such as the resident garages and secured access, to position Edgewood to over perform in the market.”

Brad Osen, Acquisition Manager at Southwest Montana Properties, speaks to the desirability of the market, “Billings has great demographics and is poised for sustained employment growth for the foreseeable future, continuing its leadership role in the Montana economy.  We’re delighted to enter this market with the Edgewood acquisition.”

Mr. Laird adds, “Continuing investor interest in diversification of their portfolios into hard assets along with the flight to quality of our strengthened capital markets, should position the multifamily sector to continue in its leadership position through the coming year & beyond.”

background Edgewood-Aerial

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

For more information, you can contact us or to stay inform, register to our newsletter.

 

Leave a Reply

Your email address will not be published. Required fields are marked *