Trophy Asset

The Arrow Townhomes & Flats is the premier asset serving Montana State University. ​ Built by one of the most active and experienced developers of student housing in the country, the high-quality physical characteristics of the asset stand out in every detail of the property. ​ The combination of best-in-class construction components and dominant location assures The Arrow will be the housing choice for MSU students now and well into the future.

Students’ Preferred Community

As evidenced by The Arrow’s first year occupancy above 99% and year-two occupancy north of 98%, the property is the preferred living location for MSU students. ​ The luxury one, two, and three-bedroom flats combined with the four and five-bedroom townhomes design meets the needs of both young underclassmen and older graduate students, allowing the property to attract students out of the dorms and keep them as residents until they graduate.

Growth University

Montana State University is the flagship university for the state of Montana. The university realized 31.35% enrollment growth over the last 10 years and 8.72% in the last five. ​ The Fall 2019 freshman class had an average GPA of 3.57 and SAT score of 1,234. ​ MSU President Waded Cruzado indicated the university should continue to see enrollment growth as Montana high school graduate numbers are predicted to rise through 2024 and then remain steady at that level through 2032.

Up and Coming Bozeman

The growth of Montana State University and the city of Bozeman have gone hand in hand. ​ Bozeman is the fastest growing city of its size in the United States. ​ Its population is growing more than 3.6% annually and grew over 30% in the last 10 years. ​ The county in which Bozeman is located, Gallatin County, has seen its population increase by nearly 60% in the last seven years. ​ Bozeman often tops lists of best places to live in the US and is becoming a tech hub that is attracting pioneering millennials from across the country. ​ In fact, it is often called “Boz Angeles” for the many Californians and celebrities that have come to town.

Barriers to Entry

While the city of Bozeman has experienced strong growth and land is available to accommodate future growth, city leaders have been very careful to protect the small-town feel. ​ The city has seen a dramatic increase in regulations to better control housing and business development growth. ​ Based on real world feedback from the current development and others, it is likely to take three to five years for any future student housing development.

High Yield Opportunity

It is not often the opportunity presents itself to secure a newly constructed, trophy asset at an outsized yield, but The Arrow Townhomes & Flats offers that very opportunity. ​



The Arrow Townhomes & Flats is a 268-unit (887-bed), low-rise style, student housing apartment community located 0.06 miles southwest of Montana State University, in the city of Bozeman, Montana. Built in 2019, the property contains 26 four-story, wood frame buildings with siding and pitched roofs with composition shingles. The property features luxury living amenities in a beautiful and convenient location.

Situated on 16.05 acres of land with a density of 16.7 units per acre, The Arrow Townhomes & Flats encompasses a desirable unit mix comprised of:

• one-bedroom units measuring between 574 and 595 square feet

• two-bedroom units measuring between 865 and 964 square feet

• three-bedroom units measuring 1,104 square feet each

• four-bedroom units measuring between 1,403 and 2,591 square feet

• five-bedroom units measuring between 1,844 and 1,882 square feet





Year Built


Proximity to Campus

0.06 mi
Unit Features

• Variety of Floor Plans: Flat / Lodge and Three-Level Townhome Units

• Fully Equipped with Electric Stove, Refrigerator, Dishwasher, Built-In Microwave, Double Basin Sink, Disposal, Breakfast Bar, and Plenty of Cabinet and Counter Space

• Modern Amenities including Stainless Steel Appliances, Wood-Style Flooring, Granite Countertops, Undermount Sink with Gooseneck Faucet, Plush Bedroom Carpeting, and Pendant Lighting

• Furnished Living Room

• Private Bedroom with Walk-In Closets and Optional Furnishings

• Full Size Private Bathroom with Tub and Shower

• Lighted Ceiling Fans and Mini Blinds

• In-Unit, Full-Size Washer and Dryer

• All Utilities are Included with Free Wi-Fi and Cable TV

• Air Conditioning / Heating






Community Features

Resort-Style Swimming Pool with Spas and Sundeck

• Outdoor Gathering Places: Fire Pits, Grilling Areas, and Swing Seating

• 24-Hour Clubhouse with Entertainment Space and Cozy Fireplace

• Pool house / Game Room with Pool Table, Ping Pong Table, Arcade Games, Shuffleboard, and Multiple Flat Screen TV’s

• State-Of-The-Art Fitness Center with Cardio and Weightlifting Equipment, Free Weights, Multi-Purpose Workout Room with Spin Bikes and Yoga Equipment, Sauna, Steam Room, and Stand-Up Tanning Beds

• Business Center / Open Study Area with Multiple Conference / Study Rooms, Multiple Mac and PC Computers, and Printing Services

• Amazing Mountain Views

• Free Wi-Fi in Common Areas

• Sporting Repair Shop for Skis and Bicycles

• Fenced Dog Area

• Mailbox Area and Bicycle Racks

• Plenty of Convenient Parking and Covered Parking Available

• Location Considered Very Walkable with a Walk Score of 83 / 100

• Walking Distance to MSU and the Streamline Bus Line

• Online Resident Portal, Roommate Matching, and Individual Leases

• Convenient Access to U.S. Highway 191, Interstate 90, Hyalite Reservoir Recreation Area, and Sourdough Trails

Property Tours



Founded in 1893, Montana State University (MSU) is a public land-grant research university in Bozeman, Montana. Situated on a 1,170-acre campus, it is the state's largest university. In the fall of 2019, MSU welcomed 16,766 students, 14,817 were undergraduate students and 1,949 were graduate and professional students. The university offers baccalaureate degrees in 60 fields, master's degrees in 68 fields, and doctoral degrees in 35 fields through its nine colleges.

MSU regularly reports annual research expenditures in excess of $100 million, including a record $138.8 million in 2019. MSU is among the top 3% of colleges and universities in the nation for research expenditures. A majority of the research funding comes from the National Institutes of Health, Departments of Energy, Defense and Agriculture, and private sources. MSU holds more than 250 active technology licenses. In addition, 91 patents and 36 plant variety certificates have been issued for MSU discoveries with many more pending.

With the onset of the Covid-19 pandemic, MSU is continuing to hold on-campus classes. The semester began two weeks early and will end the day before Thanksgiving. Starting two weeks earlier gives the campus optimal conditions: taking advantage of a period of expected lower case rates as well as excellent weather, which positions MSU better to complete the academic work of the semester in its entirety. Preparations have included a campus face mask requirement, strict social distancing in classrooms, enhanced cleaning procedures, the distribution of personal Clean 'Cat Kits to all students, faculty and staff, altered class schedules and much more. All of these efforts have been with the safety and health of the campus community as a foremost concern.



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