Intercontinental JV Picks Up Student Housing Community in Boise
The joint venture partners are planning a host of in-unit upgrades following the acquisition.
A joint venture between Intercontinental Real Estate Corp. and Interwest Capital Group has acquired River Edge, a 175-unit, 622-bed student housing community located in Boise, Idaho. The property opened in 2015 for students attending Boise State University. An acquisition price was not disclosed.
Green Leaf Capital Partners sold the asset, according to Yardi Matrix. The former owner purchased the development in 2019 for $46.5 million with a $30.2 million CMBS loan from Manufacturers and Traders Trust Co., the same source shows. That financing was set to mature in April of 2026.
River Edge features a five-story building with two- and four-bedroom floorplans. Shared amenities include a fitness center, study rooms, resident lounge, coffee bar and business center. Individual apartments have in-unit laundry and microwaves. The new owners are planning light renovations across the development’s 175 residences. Each apartment will receive stainless steel appliances, updated living room furniture, smart TVs, new lighting and keyless entry systems.
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River Edge’s units average 1,197 square feet with asking rents of $779 per bedroom, according to Yardi Matrix. This is lower than the national student housing mean rent of $905 per bedroom, as reported in a Matrix student housing report in September.
River Edge sits on 3.2 acres at 1004 W. Royal Blvd., next to the university campus. The property is located adjacent to the Boise River and half a mile from Ann Morrison Park. Boise Airport is three miles away, while Trader Joe’s and Whole Foods are within 1.5 miles of the development.
Boise State University’s growth
For this academic year, Boise State University saw a total enrollment of 27,000 students, Yardi Matrix shows, growing from 24,103 attendees in fall 2020. Of the total enrollment, undergraduates represent 25,308 students, though the campus has about 2,900 beds for on-campus housing. Currently, there are no student housing developments under construction for the university.
Boise State University has seven other student housing developments. According to Yardi Matrix, VERVE Boise, owned by Subtext, and Uncommon Boise, owned by Article Student Living, were the most recent developments delivered, both coming to the market in 2023.
