Out-of-State Investor Gets 1,024-Bed Idaho Community
- May 31, 2018
Marcus & Millichap has secured the sale of Northpoint, a 1,024-bed community in Rexburg, Idaho. A seasoned student housing owner from Southern California acquired the property from its original developer. Marcus & Millichap Capital Corp. arranged a 10-year, floating-rate loan with five years of interest only to finance the purchase. The deal comes on the heels of a similar transaction arranged by the company—the $20.9 million sale of a North Carolina student housing property.
Located at 141 S. First W., on approximately four acres, the 154-unit property offers 104 three-bedroom units, 50 four-bedroom apartments and more than 2,600 square feet of street-level retail space. The commercial space includes tenants such as Papa John’s Pizza, The Cocoa Bean and Port of Subs.
Built in 2014, Northpoint serves students at the Brigham Young University-Idaho and features extra storage, laundry facilities, spacious living rooms and state-of-the-art kitchen appliances. Common-area amenities include:
- game rooms
- music rooms
- fitness center
- theater rooms
- study areas
Marcus & Millichap’s Brock Zylstra and Daniel Shin, senior vice presidents of investments, worked on behalf of the seller and procured the buyer. MMCC Vice President of Capital Markets Colton Smith has obtained the debt financing.
“The property’s amenity package and proximity to the Brigham Young University-Idaho (BYU-Idaho) campus separate it from the surrounding student housing competition,” Zylstra said in prepared remarks. “BYU-Idaho’s solid fundamentals and projected enrollment growth attract many out-of-state investors to the Rexburg market.”
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