PCCP, LLC has provided a $68 million senior construction loan to a joint venture between the Rockworth Companies and the Gasser Family for the ground-up development of Village Apartments, a Class A, 336-unit apartment community located at 2600 N Eagle Road in Meridian, ID. Meridian is the second largest city in Idaho and is a part of the Boise MSA, being nine miles west and an 18-minute drive from downtown Boise.
Construction on Village Apartments will commence in the latter half of 2022 with completion anticipated in fall 2024. Situated on 11.4 acres, the garden-style community will consist of six, four-story elevator-serviced residential buildings with enclosed corridors and a central clubhouse with leasing office. Units will average 846 square feet (sf) in size and include one-, two-, and three-bedroom floorplans that are finished with stainless steel appliances, tiled bathroom flooring, vinyl plank floors in living areas, solid surface counters, and in-unit washers and dryers. It will also feature a number of amenities including a pool, spa, fitness center, lounge, community kitchen, game room, pickleball court, playground, and bike repair area.
“PCCP saw this as an opportunity to lend to an experienced partner on this Class A development in a city that has been experiencing strong growth and demand for rental product over the past several years,” said Alexandra Schultz, a Vice President with PCCP. “The City of Meridian has been a preferred residential area with highly ranked schools, favorable amenity base, and access to both the economic centers of Boise and Nampa.”
Meridian has undergone nation-leading growth over the past ten years, increasing its population to more than 118,000 people (56 percent growth) and has seen large additions of multifamily supply to meet its outsized demand, taking it from a modest suburb to the region’s second largest submarket. While multifamily inventory has more than doubled in the past five years, it has been readily absorbed, and vacancy is below 5 percent.
Village Apartments is adjacent Village at Meridian shopping mall, which is widely considered some of the most upscale retail in the metro, and there are over 500 other retail properties within a three-mile radius. High quality schools in the West Ada school district and the 58-acre Julius M. Kleiner Park are nearby as well.
Since its inception in 1999, Rockworth has acquired, developed, and managed mixed-use office, retail, and multifamily assets throughout the intermountain west and has managed and consulted over 2,500 units across 20 projects. Rockworth’s construction arm will also be serving as the general contractor during development.
Adam Davis, a Partner at Rockworth said, “Rockworth is excited to be closing our third loan with PCCP and we are looking forward to seeing this development come to life over the next few years.”