Institutional Property Advisors completes multifamily sale outside of downtown Boise

Prelude at Paramount
Institutional Property Advisors announced the sale of Prelude at Paramount, a 280-unit multifamily asset in Meridian, Idaho.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Prelude at Paramount, a 280-unit core multifamily asset located in Meridian, Idaho.

“Prelude at Paramount is located just 12-miles from Downtown Boise, providing exceptional access to the region’s thriving economy that is rapidly growing in its lifestyle and economic opportunities,” said Danny Shin, IPA senior managing director investments. “Idaho’s fastest growing city, Meridian is currently growing at a rate of 3.93 percent annually and with a population that has grown over 54 percent between 2010-2021 there will be no shortage of residents for our new buyer.” Shin, Brock Zylstra, senior vice president investments, Timothy Ufkes, senior vice president investments, Rich Day, senior associate and Jake Miles, associate, represented the seller, Pacific Partners Residential, Inc., and procured the buyer, Pacific Development Partners. Adam Lewis is Marcus & Millichap’s broker of record in Idaho.

“The property is well-positioned with convenient access to many retail, entertainment and employment districts, including The Village at Meridian, a gathering destination with over 650,000 square feet of retail, dining, and entertainment options and 150,000 square feet of office space,” added Zylstra. “We had a highly-competitive sales process, given the property’s high occupancy rate, low comparable rent costs and Meridian’s growing population and expansive business opportunities.”

Built in 2019, Prelude at Paramount features four differing floor plans, ranging from 1- to 3- bedroom units, with Smart Home technology, washer/dryers, stainless steel appliances and vinyl wood-style flooring. Community amenities include a pool, spa, playground, dog parks, 24-hour fitness center and clubhouse.