Subtext Obtains Refi for Idaho Student Property
The community serves Boise State University.
A joint venture between Subtext and Appian Capital has obtained refinancing for VERVE Boise, a 547-bed student housing community in Boise, Idaho. Harrison Street Asset Management arranged the loan for the property serving Boise State University.
Previous financing for the three-story building included a construction note from Simmons Bank originated in October 2021, according to Yardi Matrix information.
VERVE Boise came online in 2023 and, at the time of the deal, was 98 percent leased, as Boise State University’s enrollment continues to grow and new supply remains limited.
Boise State University’s preleasing rate for the 2026-2027 academic year as of May clocked in at 89.9 percent, according to a recent Yardi Matrix student housing report. The university had one of the largest year-over-year increases, marking a 14.7 percent increase. Despite that, the school lowered rents to maintain momentum, with a 60-basis-point drop compared to a year ago.
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The property is at 2001 W. Boise Ave., close to a host of dining and retail options, the Boise State University campus and Albertsons Stadium. Downtown Boise is within 1 mile away, while the city’s airport is more than 2 miles south.
The unit mix comprises studio, two-, three-, four- and five-bedroom floorplans ranging between 373 and 1,585 square feet, along with roughly 9,000 square feet of retail. Select layouts include private balconies or patios.
Shared amenities at the 3-acre property include a fitness center, clubhouse, swimming pool with cabanas and business center. The building also has a lobby coffee bar, courtyard with fire pits, flexible study space and an outdoor kitchen with grilling stations.
Subtext’s recent student deals
Subtext’s student housing portfolio comprises 26 assets, according to its website. The firm has developed more than $3 billion in student housing properties across the U.S., totaling north of 20,000 beds, Global Student Living reported last month. Additionally, it also had 10 projects underway, with five due to come online this year.
In April, the company, in a venture with Clarion Partners, announced plans for the groundbreaking of VERVE Lexington, a 784-bed new student housing development in Lexington, Ky. The property is taking shape in a qualified opportunity zone and is set to deliver before the 2028 academic year.
