Non-Performing Note Sale: Multifamily Portfolio in North Dakota Energy Corridor

Highlights:

• Expanding Labor Force: The Bakken region’s workforce has grown ±10% since 2021, supported by domestic migration and natural population increase. Unemployment remains low at 2.9%, well below the national average of 4.2%, and taxable sales and purchases are up 12.8% year-over-year, reflecting a healthy local economy.
• Transformational Energy Investment: Cerilon’s $2.8B carbon-neutral gas-to-liquids (GTL) facility—the first of its kind globally—is set to begin construction in 2025. Upon completion in 2028, the project will produce 24,000 bpd of diesel and specialty products, creating demand for both construction labor and high-wage technical positions.
• Tech & Infrastructure Momentum: The $1.9B Atlas Power Data Center, developed in 2022–2023, has already created 100+ jobs with future expansion planned. Local leadership is actively courting additional data infrastructure, including an 800MW, 400+ acre project currently under contract with a national datacenter group.
• Diversifying Economic Base: Job growth is accelerating across sectors including education (111 openings), oil & gas (103), healthcare (89), and retail trade (80). Despite strong demand, housing supply remains constrained with fewer than 75 single-family starts annually and no new multifamily development—highlighting potential for residential investment.
• Business Formation & Growth: The region continues to attract new businesses, with 56 net new establishments added year-over-year and a 4.2% increase over the past five years, underscoring a resilient and expanding local economy.

Description:

Ri Marketplace Online Auction December 8th - 10th, 2025
Register to bid on Marketplace:

https://rimarketplace.com/auction/2866/non-performing-note-sale-multifamily-portfolio-in-north-dakota-energy-corridor?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=multifamily_2866

CBRE, in partnership with RealINSIGHT Marketplace, as advisors to the noteholder of record, is pleased to present for sale a non-performing loan secured by a multifamily portfolio located in the heart of North Dakota’s energy corridor. The offering is backed by two apartment communities—The Crossroads (Leasehold) in Williston and The Crossings (Fee Simple) in Watford City, ND—totaling 18 units and 108 beds across nine buildings.

The portfolio is strategically located within two of the most active and resilient submarkets serving the Bakken oil region, benefitting from strong workforce housing demand driven by ongoing industrial and infrastructure expansion. Both assets were constructed in 2013 and feature modern layouts, ample parking, and well-maintained common areas, providing an attractive foundation for value recovery and repositioning.

This sale offers investors a compelling opportunity to acquire a distressed but well-secured multifamily note at a potential discount to intrinsic value, with multiple paths to upside—through loan resolution, discounted payoff, or foreclosure and ownership of stabilized real estate. Given the region’s continued job creation, limited new housing supply, and rising rental demand, both markets present strong fundamentals for asset-level recovery.

The note’s collateral properties are located within minutes of major employment drivers, including energy production sites, logistics hubs, and expanding industrial facilities, ensuring sustained tenant demand and income durability once stabilized.

Cary M. Aasness
c/o Fisher Auction Company Inc.
License: 503
The platform fee for this transaction is the greater of 5.00% or a minimum of $25,000.

Documents: