Capital Square Breaks Ground on Multifamily Development in Colorado Resort Community
Capital Square, a sponsor of tax-advantaged real estate investments, began construction on Steamboat Basecamp.
Capital Square, a sponsor of tax-advantaged real estate investments, began construction on Steamboat Basecamp, a 119-unit mixed-use multifamily property in Steamboat Springs, Colorado.
The development is expected to be completed by fall 2023.
Located at 1901 and 1950 Curve Plaza, Steamboat Basecamp will be comprised of 75 for-rent apartment units, as well as 30 condominiums and 14 townhomes available for purchase. The property will also include nearly 8,000 square feet of leasable retail space.
“Steamboat Basecamp is an excellent development that will serve as an ideal complement to Steamboat Springs, one of the nation’s most popular mountain resort destinations,” said Whitson Huffman, co-chief executive officer. “There is tremendous demand for quality living options in the region but also meaningful barriers to entry for new development, including a rapidly diminishing supply of available land able to accommodate significant projects like Steamboat Basecamp. As a result, even at this early stage of construction, we are experiencing substantial interest in the property from potential residents.”
Steamboat Basecamp is in West Steamboat, off Highway 40 and less than two miles from downtown Steamboat Springs. The nearby Steamboat Ski Resort is in the midst of a $200 million expansion and four miles from the development.
“Steamboat Springs enjoys high employment and projected future job growth of 57% during the next decade, making it an ideal area for those seeking a live-work-play lifestyle,” explained Adam Stifel, chief development officer. “The local real estate market is thriving, with demand for housing far outpacing available supply, resulting in significant price appreciation. Steamboat Basecamp will help to satisfy demand for quality housing in the area, while providing potentially significant upside for investors in the development.”
Capital Square formed a joint venture with May Riegler Properties to develop Steamboat Basecamp, which has been funded by nearly $17 million raised from accredited investors in CSRA Steamboat Basecamp LLC, a private placement investment sponsored by Capital Square.
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