BOISE, ID – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a three- property, 252-unit student housing portfolio serving Boise State University (BSU) and the College of Western Idaho (CWI). The properties, which include a total of 471 beds, are located in Boise and are being offered in an open bid. The assets may be purchased together or separately. They are:
- Iconic Village, 529 Rossi St. (top left photo), 161 units, 223 beds, 89,770 square feet
- Park Village, 989 Sherwood Ave., 47 units, 188 beds, 50,760 square feet
- Oregon Trail Village, 1630 Martha St., 44 units, 60 beds, 27,104 square feet
Dorothy Jackman (middle right photo) a vice president investments, and Travis Prince (middle left photo), a senior associate, both in Marcus & Millichap’s Tampa office, are representing the seller, Iconic Development LLC.
Nick Fluellen (lower right photo), a vice president investments in the firm’s Dallas office, and Richard Bird (lower left photo), regional manager of the firm’s Salt Lake City office, are also providing representation.
“All three properties are located within two blocks or less of BSU and CWI at BSU,” says Jackman. “BSU is the largest university in Idaho and had a fall 2010 enrollment of 19,993 students. The university provides housing for just 10 percent of its students and freshman are not required to live on campus,” continues Jackman.
“The portfolio offers an investor the opportunity to acquire the only assets leased by the bed in a market with significant barriers to entry,” adds Prince.
Iconic Village is located approximately two blocks from BSU, CWI and the Boise State Research Center. The property is comprised of 20 buildings and a clubhouse situated on approximately 5.4 acres. Iconic Village has received approval to increase the density of the community from 29.1 units per acre to 34.6 units per acre, raising the number of units on the site to 184.
Located one block from BSU and CWI, Park Village is comprised of three three-story buildings and a clubhouse situated on approximately 1.9 acres. Built in 1996, and renovated in 2011, Park Village features a brand-new clubhouse, gated entry, 24-hour on-site laundry facilities, a BSU shuttle bus for students and a sand volleyball court.
Oregon Trail Village is located one block from the BSU campus between the university’s dorm buildings and BSU’s main classrooms.
Built in 1964 and 1984 and renovated in 2011, the property is comprised of four buildings and a clubhouse situated on approximately 1.4 acres.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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