Heron Village Apartments

Our first acquisition outside of California, Heron Village, is a 108 unit apartment complex in Meridian, Idaho, just outside of Boise. Completed in 2015, the property had been held by the original developer. We saw tremendous upside on the in place rent roll and since closing in August of 2017 we have achieved rents that are more than 25% higher than the previous owner. The property was acquired with a bridge loan, and we plan to place long term financing on the asset in 2019 as the value add has been completed.