Capital Square Begins Construction of Steamboat Basecamp Multifamily Development in Steamboat Springs, Colorado
STEAMBOAT SPRINGS, Co. (Nov. 10, 2022) – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and a developer of mixed-use multifamily communities, today announced the start of 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. Marketing and pre-sales of the townhomes has begun, which has resulted in five reservations.
“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 Whit 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 lies at the “main and main” of the rapidly growing neighborhood of West Steamboat, just off Highway 40 and less than two miles from downtown Steamboat Springs. The popular Steamboat Ski Resort, which is in the midst of a $200 million expansion that will make it the second largest ski resort in the state,1 is just four miles from the development.
Nestled in the Rocky Mountains approximately 150 miles northwest of Denver, Steamboat Springs is a popular year-round tourist destination often referred to as “Ski Town USA” for its excellent skiing and snowboarding opportunities. This stunning area also has geothermal hot springs, zip lining, rafting, and many other outdoor activities enjoyed by residents and more than 500,000 visitors annually.2 The rustic city was founded in 1900, making it rich in history that focuses on miners, ranchers, and the Native American Ute tribe.
Steamboat Basecamp is less than two miles from a flourishing downtown area which has a variety of restaurants and entertainment venues. Where the adventurous spirit meets functional living, these properties will offer residents access to a communal rooftop lounge, courtyard and a ski and bike tune-up shop.
“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,3” 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. Capital Square and May Riegler have partnered with KASA Architecture, which serves as building architect, Deneuve Construction, which serves as the project’s general contractor, and JNS Architecture, which oversees interior design.
Construction progress can be viewed on the Capital Square website at www.CapitalSq.com/construction-camera.
Sources: 1. “Steamboat Ski Resort Expansion Expected To Boost Tourism Dollars For Steamboat Springs,” CBS Colorado, Jan. 14, 2022, https://www.cbsnews.com/colorado/news/steamboat-ski-resort-expansion-tourism. | 2. Jon Wade, “Steamboat Springs Economy: Top Industries, Biggest Employers, & Business Opportunities,” The Steamboat Group, Jan. 12, 2021, https://www.steamboatsprings-realestate.com/blog/steamboat-springs-economy. | 3. “Economy in Steamboat Springs, Colorado,” BestPlaces, accessed Nov. 8, 2022, https://www.bestplaces.net/economy/city/colorado/steamboat_springs.
About Capital Square
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). In recent years the company has become an active developer of multifamily and mixed-use properties in the southeastern US, with nine current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $6.6 billion in transaction volume. Capital Square’s related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense’s list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their “Best Places to Work in Virginia” report in 2019 and their “Fantastic 50” reports in 2019 and 2020. To learn more, visit www.CapitalSq.com.
Disclaimer: Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Diversification does not guarantee profits or protect against losses. Private placements are speculative.
- On November 10, 2022