Capital Square JV Completes Phase One Construction of Steamboat Basecamp Multifamily Development in Steamboat Springs, Colorado
STEAMBOAT SPRINGS, Co. (Dec. 05, 2023) – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of multifamily communities, announced today the completion of construction of phase one for Steamboat Basecamp, a 75-unit mixed-use multifamily property in Steamboat Springs, Colorado. The project is being developed in conjunction with May Riegler Properties, a full-service real estate development and asset management firm.
Phase one consists of 75 for-rent apartment units and 8,343 square feet of leasable ground floor retail space, demised into four spaces. As of Nov. 13, 2023, 80% of the phase one apartment units have been leased, with initial move-ins scheduled to begin by the end of November. Leases for three of the retail spaces are anticipated to be signed shortly, bringing exciting resident amenities to the development.
“Capital Square is pleased to report this major milestone in the development of Steamboat Basecamp with the completion of phase one and the initial lease-up of apartments,” said Louis Rogers, founder and co-chief executive officer of Capital Square.
Located at 1901 and 1950 Curve Plaza in the rapidly growing neighborhood of West Steamboat, just off Highway 40 and less than two miles from downtown Steamboat Springs, Steamboat Basecamp will also ultimately include 27 townhomes available for purchase. The property includes numerous community amenities, such as a ground floor lobby with space for coworking, ski gear repair area, rooftop lounge, and outdoor rooftop area with grilling stations.
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.1 The rustic city was founded in 1900, making it rich in history that focuses on miners, ranchers, and the Native American Ute tribe. 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,2 is just four miles from the development.
“Steamboat Springs is an ideal area for those seeking a live-work-play lifestyle, yet it suffers from a chronic undersupply of quality housing, which Steamboat Basecamp will help alleviate,” said Whitson Huffman, co-chief executive officer. “Capital Square seeks to identify underserved locales like Steamboat Springs, where we can improve a community while providing a compelling opportunity for the investors and financial advisors we serve.”
Capital Square formed a joint venture with May Riegler Properties to develop Steamboat Basecamp, which has been capitalized with funds 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.
Sources: 1. 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. | 2. “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.
About Capital Square
Capital Square is a vertically integrated 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 mixed-use multifamily properties in the southeastern U.S., with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $590 million. Since 2012, Capital Square has completed more than $7.8 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 seven 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. In 2023, Capital Square was recognized by the Richmond Times-Dispatch as one of the region’s “Top Work Places.” 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 multifamily 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. Private placements are speculative. Diversification does not guarantee profits or protect against losses.
