Laurel Park Boise

The Laurel Park Apartments, a 128-unit complex in the North End neighborhood of Boise was acquired in September of 2017. This deal is similar to others we have acquired in California in that it is a value-add deal in a great location in close proximity to the urban core of Boise, walkable to the Capitol, downtown and Boise State University. The complex was built in 1971 and has not been touched since initial construction beyond basic maintenance. We have modernized the apartments and achieved rents at a 25% premium to the previous owner to create value for investors. We refinanced the property at the end of 2018 returning over 37% of the initial equity to investors and positioned the property for a long term hold with stable cash flow.