Villa Holmboe is located just above the Tromsø town centre, on an east facing slope at the intersection of the streets Conrad Holmboes vei and Th. Øiens gate. The surrounding area is complex, characterised by older and newer buildings, including low-rise blocks, terraced homes and detached residences.

The building is comprised of two wings that are situated at an angle from one another. In addition, there is a connecting tower with a common area. Both the tower and the wings are clad with panelling that is painted in light colours. The square shaped tower terminates with a pyramidal roof, while the wings have lean-to roofs that slightly bend. Near the street, the façade has narrow windows, bestowing it with a closed and private character.

This shared residence is the result of an architecture competition that was sponsored by the municipality for this site. The group of residents were in continual contact with the bank Husbanken throughout the entire planning phase, in order to insure that the project would stay within the boundaries of projected costs and space. Actual construction of the building started in 1987, with a considerable amount of volunteer work from the residents themselves. Villa Holmboe was completed in 1988. The name "Villa Holmboe" derives from the old villa that used to be situated on this site.