Overview
Marcus & Millichap has been retained as the exclusive investment advisor in the offering of Partnership Interest of GJ BTR Development, located at TBD E ½ Road, Grand Junction, CO, a first-of-its-kind, luxury build-to-rent community in Grand Junction, the heart of Colorado’s
Western Slope Region. Expected to break ground in summer, 2025, GJ BTR Development will be comprised of 114 detached units with attached two-car garages and a luxury clubhouse, situated on 17+ acres in the shadow of Colorado National Monument. GJ BTR will be an unprecedented development on Colorado’s Western Slope, offering luxury finishes and amenities, featuring 77 two-bedroom units ranging in size from 1,020 square feet to 1,409 square feet and 37 three-bedroom units ranging in size from 1,550 square feet to 1,701 square feet. GJ BTR Development’s product caters to a tenant base that desires a lifestyle-focused environment without the accompanying cost-of-living burden associated with home ownership. GJ BTR Development represents a truly one-of-a-kind offering that will fill a void in the Grand Junction Multifamily Market for those who rent by choice and for those seeking to ‘rent-for-longer’ in luxury, detached units that feel like upscale single-family homes without the related costs.
Investment Highlights
Excellent Proximity to Employment HUBS
Grand Junction, the largest city on Colorado’s western slope, benefits from major employment drivers including Colorado Mesa University (10,100+ students) and St. Mary’s Medical Center, the largest healthcare provider between Denver and Salt Lake City. The area is poised for further economic growth with Morgan Mining’s new Clifton complex, set to create 900 high-paying jobs averaging $92,000 annually—167% above the county average. These strong employment anchors and job growth support robust housing demand and rental stability in the region.
Grand Junction's Housing Imbalance Fuels BTR Demand
Over the last three years, Grand Junction has absorbed 1,045 newly delivered units—representing a 29.6% inventory expansion—while maintaining a stabilized vacancy rate of just 3.3%, well below the national average of 8.0%. With no new multifamily units currently under construction and a significant housing deficit projected to require 3,200 to 4,700 additional units by 2028, the market remains supply constrained. These strong fundamentals support stable occupancy, above-average rent growth, and favorable lease-up conditions for both existing and newly delivered assets.
Discretionary Renter Pool at a Discount to Home Ownership
Home prices in Grand Junction have increased over 75% since 2020, with average sales now at $519,740—creating significant barriers to homeownership. Renting at the GJ BTR development remains 29% less expensive than buying, positioning the project to meet strong demand from the growing workforce opting to rent opposed to pursuing homeownership. This sustained affordability gap supports long-term rental demand, particularly among higher-income earners seeking quality for-rent housing.
First-of-Its-Kind BTR in an Undersupplied Market
There are ZERO Build-to-Rent projects within a 100-mile radius. More specifically, there are only 432 units under construction within 100 miles of the GJ BTR development site, none of which are BTR communities and all of which are located at least 60 miles away, with projects under construction in Rifle, Glenwood Springs, and Basalt.
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