Pacific Development Acquires Boise-Area Community

Prelude at Paramount. Image courtesy of Institutional Property Advisors

Prelude at Paramount, a 280-unit property in Meridian, Idaho, has changed hands. Brighton Corp. and Pacific Partners Residential Inc. sold the property to Pacific Development Partners. Institutional Property Advisors brokered the sale.

Completed in 2019, the property comprises 21 buildings with one, two-, and three-bedroom apartments, averaging 1,016 square feet, each including washers and dryers, stainless steel appliances and vinyl wood-style flooring. Common-area amenities include a pool, a spa, a playground, dog parks, a 24-hour fitness center and a clubhouse.

Located at 4909 N. Elsinore Ave., Prelude at Paramount is 4 miles away from the Village at Meridian, a 650,000-square-foot retail location offering a wide range of options, as well as 150,000 square feet of office space. Downtown Boise is within 12 miles of the property.

IPA Senior Managing Director of investments Danny Shin, Senior Vice Presidents of investments Brock Zylstra and Timothy Ufkes, alongside Senior Associate Rich Day and Associate Jake Miles, represented the seller and procured the buyer.

Prelude at Paramount is Pacific Development’s first purchase in Idaho. The company’s portfolio holds some 2,000 multifamily units, primarily in California, Washington and Arizona, according to Yardi Matrix data. Last year, Pacific Development Partners acquired Montreux, a Phoenix-area luxury community, for $117 million.