Boise Value-Add Multifamily Community Comes Online
- Jul 29, 2021
Standard Communities, in a partnership with River Caddis Development, has completed its first national ground-up development, the 173-unit Jules on 3rd Apartments in downtown Boise, Idaho.
The project—previously dubbed 3rd and Myrtle and The Caddis—received the building permit in October 2019. That same month, Zions Bank provided a $78 million construction loan for the property, Yardi Matrix data shows. Two months later, the project became subject to a self-financed construction loan for an undisclosed amount.
The Opus Group provided interior design, architectural and structural engineering services for the eight-story building. Managed by Greystar, Jules on 3rd Apartments encompasses 285,000 square feet of residential space and an additional 3,000 square feet of ground-level retail. The community also includes 200 public parking spaces operated by Ada County.
In April, Standard Communities entered the New Jersey market with a multifamily acquisition in Atlantic City. Earlier this month, the company purchased an affordable community in North Charleston, S.C.
Jules on 3rd
The mixed-use property is located at 415 S. 3rd St. and features a mix of studios and one- to three-bedroom units. Select apartments have access to private balconies and patios. Communal amenities at Jules on 3rd include a rooftop pool with sundeck, fitness studio, clubhouse, outdoor barbecue grills, conference room, as well as dog park and spa.
The property is situated at the intersection of US Routes 20 and 26, with access to Interstates 84 and 184. Boise Airport is roughly 5 miles south.