Can Cheyenne WY support 250 door Class A

Question

I am evaluating investing in a 250 door class A apartment building in Cheyenne, WY.  Will the market support this?  Is there a demand for premium apartments there?  Can you also help me with the following:

1) Is Cheyenne dependent upon the Federal Government for employment and if Fed programs cuts are made there will it have a big impact on the rental market?

2) How many people live in Ft Collins and work in Cheyenne given they desire the Ft Collins lifestyle?

3) Is Cheyenne overbuilt with rental properties?

4) What is the overall health of the Cheyenne market ?

Brett Merrell · Answer

Thank you Chris.  James I sent you a BP note

Chris Seveney · Answer

I would ask the sponsor to share a market study outlining the risks and if the area can support this type of development

John burns is a company that provides them and they run $20-$50k usually which is something I always ask a sponsor when I invest in MF deals

most don't get them which to me is an automatic no for investing. Just personally preference for anything over 50 units

James Bowers · Answer

Brett, feel free to reach out to me and I’ll give you info on Cheyenne. I sell more multifamily property than anybody in the state, and have a good pulse on this. I have clients delivering 200 units in Cheyenne now. I also own over 150 units.