A large development of 146 loft-style rental townhomes under way in Missoula illustrates both the explosive growth in the area between Mullan Road and West Broadway and the bullishness developers feel about the housing market here.
Miramonte Communities, an Arizona-based company specializing in built-to-rent multifamily properties, hired local contractor Edgell Building to construct the new Missoula Lofts neighborhood of homes near the intersection of West Broadway and Mary Jane Boulevard east of the airport. The project has been under construction for the past year, and the first four units got their certificates of occupancy on Dec. 30. Between now and July, the rest of the units will be finished and will be rentable, and a commercial building with commercial tenant spaces on the ground floor will also be constructed.
The developers chose Missoula for the project because they agree with local housing experts that there is a huge unmet demand for all types of housing, especially since the pandemic led to an influx of remote workers making high wages.
People are also reading…
“As home buyers continue to face challenges including supply and affordability, the market for rental