REBusinessOnline

Pacific Partners Residential Sells 280-Unit Prelude at Paramount Apartments in Meridian, Idaho

MERIDIAN, IDAHO — Pacific Partners Residential has completed the disposition of Prelude at Paramount, an apartment community in Meridian. Pacific Development Partners acquired the asset for an undisclosed price.Danny Shin, Brock Zylstra, Timothy Ufkes, Rich Day and Jake Miles of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Adam Lewis served as Marcus & Millichap’s broker of record in Idaho.Built …

SLIB Negotiates Sale of 82-Unit Seniors Housing Property in Chubbuck, Idaho

CHUBBUCK, IDAHO — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cottonwood Cove, an 82-unit independent living community in Chubbuck, located in the southeast portion of the state.The facility was built in 1987 and totals 117,828 square feet on approximately five acres of land. The price was not disclosed.Cottonwood Cove has consistently performed even through the pandemic, with an occupancy near 100 percent on an ongoing basis, according to SLIB.The seller …

The Boise Retail Market is Augmented by Local Growth

By Tim Reid, First Vice President, CBREBoise’s retail market continues to show signs of resiliency in the wake of a global downturn caused by the pandemic. Though retail companies pivoted their business models to accommodate social distancing policies and provide contactless options last year, many were still forced to close their doors. The retail outlook is now much brighter after the industry experienced an incredibly turbulent year. Beginning in April, Idaho’s year-over-year …

Employers Take Notice of Boise

By Patrick Shalz, Partner, TOK CommercialNet absorption in Boise’s office market through August is nearly 806,000 square feet. This has already outpaced the amount seen in 2020 by more than 40 percent. Meridian and Downtown Boise have had the most net absorption, with 232,000 square feet and 191,000 square feet, respectively. Overall vacancy has declined a full percentage point in 2021, from 7.3 percent to 6.2 percent. Multi-tenant vacancy has also declined from 11.2 percent to 10.7 …

Idaho Industrial Takes Center Stage

By Devin Ogden, Partner, ColliersIdaho has been overlooked by investors and developers in the past due to its smaller size and geographic isolation. This is not the narrative anymore. Tenants and users are currently looking to expand their operations into Idaho to serve the surging population and take advantage of a business-friendly environment with minimal regulation. Expensive land costs and significant cap rate compression in primary markets are causing developers and investors to …

RanchHarbor Acquires 112-Unit Glenbrook Apartments in Boise, Idaho

BOISE, IDAHO — Newport Beach, Calif.-based RanchHarbor has purchased Glenbrook Apartments, a multifamily community at 563 S. Curtis Road in Boise. A private seller sold the asset for an undisclosed price in an off-market transaction.Built in 1973 and lightly renovated in 2017, Glenbrook features 112 apartments in a mix of one- and two-bedroom units. At the time of sale, the property was 92 percent occupied.RanchHarbor plans to perform deferred maintenance and an extensive exterior …

Blueprint Brokers Sale of 79-Unit Streamside Assisted Living in Nampa, Idaho

NAMPA, IDAHO — Blueprint Healthcare Real Estate Advisors has arranged the sale of Streamside Assisted Living & Memory Care in Nampa.The community features 54 assisted living units and 25 secured memory care units.A regional buyer expanding in the Pacific Northwest acquired the property from a local seller. Further details were not

Standard Communities Completes 173-Unit Multifamily Development in Idaho

BOISE, IDAHO — Standard Communities has completed the ground-up development of a 173-unit market-rate apartment building in Boise.Standard partnered with River Caddis Development, as co-owners and co-developers, to construct Jules on 3rd Apartments. The Opus Group served as design-build partner for the project.Located at 415 S. Third St., Jules On 3rd Apartments features a rooftop pool and sundeck; a fitness and wellness room; Sky Lounge Club Room; outdoor kitchen and barbecue grills; …

IPA Brokers Sale of Development Site in Downtown Boise

BOISE, IDAHO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of 10th & Front, a development site in downtown Boise. Pennbridge Lodging sold the 38,997-square-foot site for an undisclosed price. The buyer was not disclosed.Ryan Harmon, Philip Assouad, Giovanni Napoli, Ryan Dinius, Sidney Warsinske and Nicholas Ruggiero of IPA represented the seller and procured the buyer in the deal.The site is zoned without density constraints, …

Kennedy Wilson Buys Three Apartment Communities, Development Site Near Boise for $143M

MERIDIAN AND BOISE, IDAHO — Kennedy Wilson Holdings Inc. (NYSE: KW) has purchased three apartment communities totaling 640 units and a multifamily development site that is fully entitled for 240 units in the Boise metro area for $143 million.The three multifamily communities include The Lofts at Ten Mile, Jasper Apartments and Towne Square. The new owner plans to implement value-add programs at the existing communities and to complete construction at the Dovetail development site, which …

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