Fracking Brings Housing Boom

WILLISTON, ND—Thousands of oil and natural gas workers have poured into the little towns and cities of western North Dakota over the past few years, straining housing resources to the breaking point. But the opportunities created by this state’s energy boom have not gone unnoticed.

Granite Peak Partners, a Santa Barbara, CA-based real estate investment firm, just became the latest group to take advantage of the sudden growth by breaking ground on Dakota Ridge Apartments, a $68 million, 300-unit apartment community near Williston, ND. They will complete the first phase, consisting of 180, two and-three-bedroom apartments, in May 2014. This first phase will include six apartment buildings, a clubhouse and other infrastructure.