REBusinessOnline

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 …

California’s Population Exodus Arrives in Idaho

There has been much anecdotal discussion lately of Californians fleeing high-cost, high-density, high-traffic living for greener pastures, especially as COVID-19 made working from home a possibility for California’s high-tech workforce. This trend is not just a rumor for the residents of Idaho. Idaho is the second-fastest growing state in the nation[1], and Californians make up nearly 46 percent[2] of a new population influx that the state has experienced over the past five years.What is …

Institutional Property Advisors Brokers Sale of 28-Property Fred Meyer Portfolio in Pacific Northwest

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale-leaseback of a 28-property portfolio of net-leased Fred Meyer stores in the West. While the price was not disclosed, Marcus & Millichap’s research department claims that the sale is the largest retail transaction since the beginning of the COVID-19 pandemic. Fred Meyer is a wholly owned subsidiary of Kroger (NYSE: KR) and features a superstore-style format. Benderson …

Marcus & Millichap Arranges Acquisition of 167-Unit StorageBay Rexburg in Idaho

REXBURG, IDAHO — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the purchase of StorageBay Rexburg, a self-storage facility located at 322 W. Fourth South in Rexburg. Terms of the transaction were not released.Jordan Farrer and Adam Schlosser of Marcus & Millichap, with Paul Ryan of Marcus & Millichap serving as the broker of record, procured the buyer in the deal.Situated on nearly one acre, StorageBay Rexburg consists of 12,652 net rentable square feet totaling 167 …

Crystal Investment Property Brokers Sale of 68-Room La Quinta Inn in Sandpoint, Idaho

SANDPOINT, IDAHO — Crystal Investment Property (CIP) has arranged the sale of La Quinta Inn by Wyndham Sandpoint, a hotel located at 415 Cedar St. in Sandpoint. Terms of the transaction, including the seller, buyer and acquisition price, were not released.La Quinta Inn by Wyndham Sandpoint features 68 guest rooms, a lobby with fireplace, gift shop, fitness center, indoor spa and seasonal outdoor swimming pool. The guest room mix includes a selection of queen- and king-bed rooms; …

Wood Investments Acquires CentrePoint Marketplace in Meridian, Idaho for $35M

MERIDIAN, IDAHO — Wood Investments Cos. has purchased CentrePoint Marketplace, a community shopping center located on 19.3 acres at 3319 N. Eagle Road in Meridian.Built in 2007, the 197,288-square-foot property was fully occupied at the time of sale. Tenants include Kohl’s, Dick’s Sporting Goods, Walgreens, Qdoba Mexican Eats, Panera Bread, Wingers Restaurant & Alehouse, Downeast Home, Hobby Lobby, Moxie Java and 360 Wireless.Chad Moore of Salt Lake City-based Mountain West …

JLL Capital Markets Arranges $274.4M Refinancing for Six-Property West Coast Retail Portfolio

SEATTLE; BOISE, IDAHO; AND SALT LAKE CITY — JLL Capital Markets has secured $274.4 million in financing for a six-property portfolio of core-quality retail properties totaling 2.7 million square feet across Seattle, Boise and Salt Lake City.The borrower is a joint venture between CenterCal Properties and a large pension fund and its advisors Principal and PCCP. The financing includes five separate 10-year, fixed-rate, non-recourse CMBS loans provided by JP Morgan Chase. Loan proceeds were …

LOCAL Ventures Receives Development Financing for Apartment Project in Downtown Boise

BOISE, IDAHO — LOCAL Ventures has received joint venture equity and construction financing for the development of LOCAL Boise, a residential property located at 250 E. Myrtle St. in downtown Boise.Appian Capital and Argos Capital Partners provided the equity, while Old National Bank provided the loan for construction financing.Steve Kohn, Chris Moyer, Zachary Kraft and Matt Naumann of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower.Slated for …

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