The two-phase multifamily project will serve the growing corporate housing needs of Gallatin County
BOZEMAN, MT — January 31, 2022 — ERES Capital, LLC, the full-service investment and development division of ERES Companies, and Charter Realty & Development Corp. have announced a new workforce housing complex coming to Belgrade, Montana. Ideally located in Yellowstone Airport Plaza, a new mixed-use development adjacent to Bozeman Yellowstone International Airport, the multifamily project will answer the growing demand for employee housing in the broader Gallatin Valley.
ERES Capital and Charter Realty & Development Corp., in concert with co-development partner CREC, will be completing the workforce housing complex in two phases. Phase one construction will begin summer with completion slated for the second half of 2023. Currently pre-leasing, the property will feature 170 units, totaling 440 beds, and robustly amenitized common areas. Offerings include pet-friendly four-, three-, two- and one-bedroom layouts, onsite parking, dog park, co-working lounge, pool, and modern fitness center. Phase two, which will be similar to the first and further optimized to market needs, will follow.
“I have lived and developed in the Gallatin Valley for over 15 years and have witnessed first-hand the growing gap in the market for corporate and employee housing,” says ERES CEO Mike Elliott. “Loaded with amenities and ideally located, we are excited to offer this much-needed product to the local workforce.”
The workforce housing complex is situated less than 10 miles from Bozeman, 50 miles from Big Sky and 90 miles from the entrance of Yellowstone National Park, marking it as the centralized location for these destinations and their respective large employee bases. The project will also benefit from excellent freeway accessibility, given its location at the new exit ramp of Interstate 90, the state’s primary corridor and one of the heaviest traveled east/west routes in Montana.
ABOUT ERES CAPITAL
ERES Capital, LLC, a division of ERES Companies (ERES), is a full-service real estate investment and development platform operating in both domestic and international markets. Co-Headquartered in Denver, CO, New York, NY and Sarasota, FL, the group possesses a strong focus on fast-growing secondary and tertiary geographies and typically seeks unique, off-market opportunities across multifamily, hospitality, industrial and education verticals that can earn above average returns for investors. For more information, visit www.EREScapital.com.
ABOUT CHARTER REALTY & DEVELOPMENT CORP.
Charter Realty & Development Corp. is a full-service commercial real estate acquisition, development, and leasing company. Founded in 1993 by Paul Brandes and Dan Zelson, Charter focuses on acquiring and developing retail and mixed-use assets within both urban and infill, suburban markets across the country. Its vertically integrated platform enables Charter to successfully navigate various complex structures and conditions, implementing a strategic business plan that results in stabilized, vibrant, community-driven projects.
Charter Realty currently owns and/or manages 24 assets within nine states, spanning the East Coast and Mid-Western Mountain Region. In addition, Charter’s third-party leasing arm currently acts as an exclusive leasing agent for over 90 properties across the country, having successfully leased more than 25 million SF of space to-date. For more information, please visit www.charterrealty.com.
ABOUT CREC CAPITAL
CREC Capital is dedicated to uncovering commercial real estate investment opportunities and unlocking their value. Our goal is to deliver attractive risk-adjusted returns to our partners in target asset categories and carefully selected locations. With deep experience, market knowledge and acquisition skills, Managing Partners Warren Weiser and Alan Esquenazi have delivered exceptional results – over $5 billion of investment activity generating an average IRR of more than 20% and 2.0 times invested capital. CREC Capital’s primary focus is on retail, multifamily, office, industrial and hospitality assets, with a concentration on strategic locations throughout the United States. For more information, contact Warren Weiser at +1 305.779.3150.
Julia DuVal Ziegler
Director of Marketing