North Russell
54 Units | Multifamily | Stable Value-Add
Marketing description
Berkadia Boise Investment Sales is pleased to present the exclusive listing of North Russell Apartments, a 54-unit garden-style community located in Missoula, Montana.
Built in 1997, the property offers studio, one-bedroom, and two-bedroom floor plans ranging from 450 to 820 square feet across multiple two-story buildings. With an active renovation program underway and preliminary city approval to build 32 new units to the existing site, North Russell presents a well-defined, two-stage value-add opportunity.
The community has undergone a proven value-add execution, with 22 units fully renovated featuring new luxury vinyl plank flooring, updated cabinetry, fresh paint, and new appliance packages. Of the remaining 32 units, 3 have been lightly updated, 14 have received classic turns, and 15 remain in original classic condition representing the next operator’s immediate renovation runway. On-site amenities include a shared laundry facility, additional resident storage units, and off-street parking across tree-lined, pet-friendly grounds.
The North Russell Street location places residents 2.4 miles from downtown Missoula and within proximity to the University of Montana, Providence St. Patrick Hospital, and Community Medical Center, the metro’s three largest employers. The Westside neighborhood provides convenient access to the Clark Fork River corridor and the retail and dining along Brooks Street, supporting consistent demand from the educated workforce and student-adjacent renter base that characterizes the Missoula market.
Investment highlights
Exceptional Rent Growth
Effective rent across the Missoula metro reached $1,741 per month in Q1 2026, up 9.1% year over year, more than four times the national rate of 1.7%. Occupancy climbed 230 basis points to 96.7%, roughly 180 basis points above the national average, reflecting tight conditions for stabilized assets in the Westside submarket.
Layered Value-Add and Densification
The 2.97-acre recently underwent a rezoning to U-MU1 that became effective in March 2026. This removes certain density and parking restrictions and prioritizes urban mixed-use projects in this neighborhood. Additionally, a third-party feasibility study has been completed to add an additional 30 new units to the property, providing a defined second leg of value-add upside in a submarket the City of Missoula has explicitly rezoned for increased mixed-use density.
Tightening Supply Pipeline
After 1,641 units delivered across 2023 to 2025, the highest three-year stretch on record, the Missoula pipeline has compressed to just 42 units currently under construction. Net absorption has outpaced completions since the start of 2024, positioning stabilized communities like North Russell Apartments to capture incremental rent growth as new deliveries taper.
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