Los Angeles-based real estate firm MJW Investments acquired Verraso Village, an off-market 96-unit Class A Build-to-Rent townhome community located in the Meridian submarket of the Boise MSA.
Verraso Village was built in two phases, 2016 and 2018, and offers a differentiated product with spacious two-level homes that average 1,840 SF with attached two-car garages. 95% of the units are 3-bedroom and 3.5-baths, which is the largest of any comparable property in the market, and each townhome has an individualized exterior façade offering a true single-family home living experience.
“Verraso Village is uniquely positioned to thrive within the Boise MSA, a market defined by explosive population and economic growth. With a 37% increase in population since 2010, a thriving 18-to-35 renter demographic, and job growth outpacing national trends by nearly six times, there is strong demand for high-quality rental housing in the area. Verraso Village’s ideal location, spacious layouts, and single-family-home living experience sets it apart as the premier choice for renters in this dynamic market,” said Tony Cianciolo, MJW’s Head of Acquisitions.
The property is situated in a highly amenitized area, less than a mile from upscale retailers and dining at The Village at Meridian, as well as recreation options at the 58-acre Kleiner Park and Village Cinema, all within a 20-minute drive of Downtown Boise and an hour from Bogus Basin ski area.
“We are excited to add Verraso Village to our portfolio, a high-quality and stabilized asset in an exceptional location. The below-market fixed-rate assumable financing ensures day-one positive leverage, aligning with our strategic vision of delivering predictable and durable cash flow to our investors. Verraso Village provides a unique living experience in one of the fastest-growing markets in the country,” said Mark Weinstein, MJW’s Founder and President.
This acquisition marks MJW Investments’ first entry into the Boise MSA and serves as a cornerstone for MJW’s strategic growth in the region. Founded in 1983, MJW owns and operates over $1.5B in real estate. The company’s current portfolio consists of over 1,500 multifamily units and 6,800 student housing beds across eight states.
