Ten years of multi-family expertise guiding our current and future projects.
Multi-family development experience in large and small markets
Rimrock has been active in the multi-family space for over a decade. We started learning this asset class by purchasing existing apartment complexes and creating a management company to manage our multifamily assets. We leveraged this acquisition, management experience, and knowledge to better understand and pro-forma new multi-family development opportunities. This knowledge combined with strategic partnerships with seasoned multi-family developers, has enabled us to have a successful pipeline in this highly competitive market sector. Rimrock has taken the past 10 years of multi-family experience and used it to develop and refine a small market model which we will be launching this year. Our plan will be to duplicate this exciting new prototype in smaller markets across the Southeast in the following years.
Rimrock developed this 60-unit complex through a JV with a local developer on a site Rimrock originally purchased for a retail opportunity. This was our first new construction multifamily project. When completed in 2016, Whitefish Crossing was the first new apartment complex built in Whitefish in over a decade. Rimrock maintained their ownership interest in this development until we sold last year at a record price per door for the Flathead Valley.
The Quarry is a fresh new community located in the resort town of Whitefish, Montana. The Quarry was imagined as a new approach to multi-family developments where we built out a community of detached condos in a nightly-rental zoned area. This Rimrock-DeBartolo JV development will be 101-units that combines the practicality and functionality of today's active lifestyles with the style and architecture helping to define what today's mountain living is all about - great access, great community, all situated in a great place.