Haven on State

Highlights:

• YTD NOI exceeds budget by 10.3%
• Walking distance to Lake Harbor and Boise’s Greenbelt
• Strong stabilized occupancy with 47 of 48 units currently occupied
• Favorable leasing schedule heavily weighted towards stronger summer months
• Incredible location bracketed by the Boise River and Foothills, just minutes from Downtown Boise
• Boise market-wide average rents of approximately $1,680, compared with current in-place rents of $1,333
• New construction with modern finishes, open-concept layouts, private balconies, full-size appliances and in-unit washers and dryers
• Current in-place rents remain below market, creating an opportunity to capture approximately $19,300 in annualized revenue upside as rents are brought to market
• Market Tailwinds- Boise occupancy rates remain above 95%. New construction starts are down 60%+ from peak, and Micron’s chip fab will add thousands of jobs by 2027. Attractive agency financing is available with $6M+ loan proceeds

Description:

Haven on State presents a rare opportunity to acquire a newly constructed, 48-unit multifamily asset in Boise’s highly desirable North Boise submarket. Completed in 2024, the property features modern finishes, open-concept layouts, and private balconies, catering to strong renter demand in a supply-constrained market. With in-place rents below market averages and near-term lease rollover, investors have a clear path to immediate income growth in one of the region’s most dynamic rental markets.

Ideally positioned along State Street in North Boise, Haven on State offers exceptional access to Downtown Boise, the Boise River, and the Greenbelt trail system. Surrounded by the foothills and key lifestyle amenities, the location attracts high-quality tenants seeking both outdoor recreation and urban convenience. The area benefits from strong population growth, limited new supply, and major economic drivers, including Micron’s planned expansion bringing thousands of jobs to the region.

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