Colorado investment firm completes acquisition of Missoula apartment complex
(Missoula Current) A Colorado real estate firm with a large portfolio spanning the Intermountain West on Thursday said it had finalized the purchase of a Mullan Road apartment complex, where it now plans to make upgrades.
The firm, Brinkman Real Estate, completed the acquisition of the Brooklyn West Apartments located at 3904 Mullan Road in Missoula. The purchase includes 171 residential units, according to Brett Silverstein, the company's chief acquisition officer.
“This is a highly attractive market, and the asset is in great condition,” Silverstein said. “We have plans for light renovations to further enhance the living experience for our tenants.”
Brooklyn West Apartments was constructed in 2018 and includes 171 multifamily units. Brinkman lauded the location of Brooklyn West, saying it was close to the Clark Fork River, the airport and downtown Missoula.
The company said that Missoula has become a “highly sought-after market” for multifamily buyers due to its population growth, relative affordability when compared to other cities in the West, and historically low vacancy and unemployment rates.
“We’re excited to continue growing our footprint in Montana,” said Kevin Brinkman, CEO of the purchasing company. “We’ve seen tremendous success with our other assets in the state and Missoula has all the fundamentals that support real estate investment.”
Brinkman said planned upgrades to Brooklyn West include enhancements to landscaping and the community picnic area. They will also include interior renovations such as updated flooring, lighting, countertops and smart home packages.
The company has secured more than $125 million in assets over the last nine months including markets in Salt Lake City, Albuquerque and Salem.
“While their current portfolio includes a diversity in assets, the company sees the multifamily sector as the biggest opportunity within the current economic landscape,” Brinkman said in a statement.