Rockworth Cos., in a joint venture with Gasser Family, has received a $68 million senior loan from PCCP for the development of Village Apartments, a 336-unit multifamily community in Meridian, Idaho. Construction will begin in the second half of this year, with completion expected in fall 2024.
Village Apartments will take shape on 11.4 acres at 2600 N. Eagle Road. Its six four-story buildings will comprise one-, two- and three-bedroom units averaging 846 square feet. Common-area amenities will include a swimming pool, fitness center, spa, pickleball court, bike repair space and playground, among others.
Situated some 9 miles west of downtown Boise and 2 miles north of Interstate 84, the development site is close to several retail and dining options that include Gateway Marketplace and The Village at Meridian. The property is 3.8 miles from West Ada school district and within 10 miles of Boise Airport.
Partner Adam Davis said, in a prepared statement, this is Rockworth’s third financing with PCCP. Last July, the developer obtained a $29 million construction loan from PCCP to develop a 108-unit multifamily project in Salt Lake City. Completion was slated in the first quarter of 2023.
Boise is one of the markets that has benefited from population migration in the past 12 months. The metro had more than 3,700 units under development as of August, according to Yardi Matrix information. Another 20,500 units were in the planning and prospective stages.