Developed in partnership by Montgomery Street Partners (MSP) and McCarthy Companies, Alpine Landing is a Build-to-Rent (BTR) project, providing a unique intersection between single-family home ownership and traditional garden-style apartments. Our vision is to create an exclusive space that harnesses the benefits of both worlds, making it an attractive option for diverse families currently finding homeownership beyond their reach. With a mix of 3 and 4-bedroom units, the design caters to this demographic, offering essential amenities like private backyards, communal spaces, and walkability.
Spanning 6.6 acres with 95 units across 43 buildings, vertical construction began in November 2022. We anticipate delivering the first 19 units by Q1 2024, followed by 22 in Q2, 30 in Q3, and the final 24 units by Q4 2024.
Boise’s rental landscape is evolving, making Garden City an attractive location for BTR developments. A combination of robust population growth, low vacancy rates, healthy rental prices, and a dearth of affordable single-family homes has maintained Garden City’s appeal for this type of product.
Over the course of three previous projects, MSP has remained a steadfast partner of McCarthy. Most recently, we just closed additional financing with EB5 Capital. Bringing EB5 into the capital stack has strategically reduced our construction loan from Texas Capital Bank, significantly trimming our interest expenses and insulating us from potential future interest rate fluctuations.
In the broader economic picture, while current market uncertainties persist, especially with heightened inflation and interest rates, it’s crucial to note the resilient nature of multifamily real estate assets, particularly BTR models like Alpine Landing.