PARK VILLAGE - LoopNet

C o l l i e r s I n t e r n a t i o n a l I d a h o | 7 5 5 W e s t F r o n t S t r e e t , S u i t e 3 0 0 B o i s e , I d a h o 8 3 7 0 2 | w w w . c o l l i e r s . c o m / i d a h o | 2 0 8 3 4 5 9 0 0 0

CLAY ANDERSON, MBA, CPA208 489 [email protected]

PARK VILLAGE

SALE SUMMARY

989 W Sherwood StBoise, ID 83706

188-Bed Off-Campus StudentHousing Directly Adjacent toDowntown Boise, Ann MorrisonPark, and Boise State University

A PA R T M E N T S

C o l l i e r s I n t e r n a t i o n a l I d a h o | 7 5 5 We s t F ro n t S t re e t , S u i t e 3 0 0 Bo i s e , I d a h o 8 3 7 0 2 | w w w . co l l i e r s . co m / i d a h o | 2 0 8 3 4 5 9 0 0 0

PARK VILLAGE APARTMENTSInvestment Summary

Investor has the opportunity to purchase 188 bed student-housing project directly adjacent to Boise State University, Downtown Boise, and Ann Morrison Park. Park Village is a fully leased housing complex located in the Lusk-District, it is the low-cost provider in a neighborhood with four new podium projects (2015) adding 1,500 beds. With rising construction costs, project is delivered in an irreplaceable location and below current construction costs. Investor has opportunity to enjoy rent-growth with counter-cyclical stability.

Ann Morrison Park

Boise State University

Enrollment: 24,154

2017-2018

Downtown Boise


PARK VILLAGE APARTMENTSProperty Overview

ProfileProperty Type: Student Housing

Address: 989 W Sherwood Street

Building Size: 50,008 SF (rentable)

Land Size: ±1.9 Acres

Parcel: S1009449505

Zoning: C-3D, City of Boise

Parking: 96 Spaces

Year Built: 1996, updated 2009

Price: Unpriced, Contact Agent

Highlights » 99% leased, 47 four-bed/two bath units at 1,064 square feet (188 beds)

» Rented by the bed and includes furniture, utilities, trash, recycling, cable tv and internet

» Each room has a private vanity sink and mirror

» Professionally designed using furnishings that are made from recycled materials

» New clubhouse, gated entry, 24 hour on-site laundry facilities, BSU shuttle bus for students and sand volleyball court

» Best-in-class location, one block to Boise State University (BSU)

» Directly adjacent to Ann Morrison Park and walking distance to the Downtown Boise core

» Less than 1 mile to College of Western Idaho’s new Boise campus

» Property is offered free-and-clear


PARK VILLAGE APARTMENTSGallery


PARK VILLAGE APARTMENTSGallery


PARK VILLAGE APARTMENTSFloorplan

Park Village’s unit mix consists of 47 four-bed/two bath units (188 beds) at 1,064 square feet, rented by the bed and includes furniture, utilities, trash, recycling and internet. Interiors are professionally designed using furnishings that are made from recycled materials. Each room has a private vanity sink and mirror.

Resident Features » Fully Furnished

» All Utilities Included

» Free Cable & Internet

» Professionally Designed Interiors

» Private Vanity Sink

Community Features » Clubhouse & Lounge Area

» Gated Entry

» Coffee Bar

» Free Computer/Study Center

» Sand Volleyball Court

» Charcoal BBQ Pit

» Next to Ann Morrison Park

» BSU Shuttle Pick-Up

» On-site Laundry Center


PARK VILLAGE APARTMENTSLocation

SITE


PARK VILLAGE APARTMENTS

Park Village Apartments


PARK VILLAGE APARTMENTSStudent Housing

# Housing Complex Address Beds

1 Lincoln Townhomes 1102 Lincoln Avenue 360

2 University Suites 1313 Chrisway Drive 300

3 University Heights 2650 Boise Avenue 93

5 University Manor 1910 Boise Avenue 93

5 University Park 860 Sherwood Street 95

6 University Village 2530 Boise Avenue 95

7 Barnes Towers 2303 Cesar Chavez Lane 300

8 Chaffee Hall 1412 Cesar Chavez Lane 430

9 Driscoll Hall 1607 Cesar Chavez Lane 82

10 Keiser Hall 1663 Cesar Chavez Lane 110

11 Morrison Hall 1515 Cesar Chavez Lane 110

12 Taylor Hall 1559 Cesar Chavez Lane 220

13 University Square 1307 Cesar Chavez Lane 300

14 Honors College 1801 W University Dr. 600

# Housing Complex Address Beds

1 The Vista 1570 S Lusk Place 539

2 Park Village Apts 989 W Sherwood Street 188

3 River Edge 1004 W Royal Blvd 632

4 Morrison Park Apts 1099 S Dale Street 280

5 Oregon Trail 1630 Martha Street 60

6 Eagle Pointe Apts 1837 W Boise Ave 286

7 The Conservatory 1076 S Denver Ave 80

8 Iconic Village Apts 529 Rossi Street 221

9 La Pointe 1011 S La Pointe Street 382

10 Depot Lofts 406 S Victoria Drive 24

11 Identity Boise 1202 S Oakland Ave 295

On-Campus — University Owned

Off-Campus


PARK VILLAGE APARTMENTSDemographics

989 W Sherwood St - Boise, Idaho 1 Mile 3 Miles 5 Miles

POPULATION

2018 Estimated Population 13,382 103,751 175,531

2022 Projected Population 14,971 116,757 196,910

2010 Census Population 10,549 94,560 159,681

Projected Annual Growth 2018 to 2023 2.4% 2.5% 2.4%

HOUSEHOLD

2018 Estimated Households 6,425 47,820 76,849

2023 Projected Households 7,147 53,085 84,982

2010 Census Households 4,883 43,198 69,554

Projected Annual Growth 2018 to 2023 2.2% 2.2% 2.1%

INCOME

2017 Est. Average Household Income $50,458 $68,948 $76,099

2017 Est. Median Household Income $36,358 $52,581 $59,094

MISC.

2010 Median Home Value * $231,429 $252,001 $244,382

2010 Median Rent $643 $743 $757

2010 Average Commute 14.7 15.8 16.6

2017 Est. Median Age 31.8 35.6 37.5

2017 Est. Labor Population Age 16+ 12,144 88,402 147,200

2017 Est. Total Household Expenditure

*The Wall Street Journal recently reported in April 2018 that the median price of a single-family home in the Boise area has doubled from $147,000 in 2011 to $297,000 in 2018.


PARK VILLAGE APARTMENTSArea Overview — Boise

Boise is Idaho’s largest city and the anchor of the Treasure Valley where nearly half of Idahoans reside. The city has established a unique reputation for a high quality of life, a prosperous business community, a vibrant arts & culture scene, and world re-known recreation—in one unbeatable package.


PARK VILLAGE APARTMENTSArea Overview

Quality of LifeReferred to as the “Treasure Valley”, the region is home to about 675,000 people. The workforce of roughly 330,000, live within a 45-minute draw area. Known for its extraordinary quality of life and affordable cost of living (currently one of the lowest in the western states, according to the ACCRA Cost of Living Index), the Valley is consistently ranked by Forbes, The Wall Street Journal, Livability and Inc. Magazine as one of the best places in the U.S. to live and work.

Commuting in the ValleyThe major interstate serving the Treasure Valley is I-84, running through the metro area’s major cities (Boise, Meridian, Nampa and Caldwell). Branching off to the northeast is I-184, which runs into downtown Boise. Daily commutes are easy, with several U.S. and state highways providing direct routes and minimal traffic. The average commute time is only 18 minutes. Public transportation is handled by ValleyRide, Treasure Valley Transit and ACHD Commuteride.

RecreationThe Boise River runs through downtown and is accessible through a greenbelt system with over 25 miles of bike paths and 850 acres of parks. Up in Foothills you’ll find more than 135 miles of nationally acclaimed hiking and mountain biking trails that extend from the city up to Bogus Basin Ski Area. Only 17 miles from the city center Bogus Basin offers winter skiing and summer adventure. With world-class golf courses, hiking, fishing and mountain biking, the recreation opportunities are virtually unlimited within a 30-minute drive.

DiversityThe City of Boise has been recognized for its work welcoming over 800 new citizens (refugees) each year from over 20 foreign countries. Annual diversity events and resources include PRIDE activities, The Basque Cultural Center, Hispanic Cultural Center and the Black History Museum. More than 90 different languages are spoken in the Boise School District and the Mexican Consulate also has an office in Boise.

What about logistics? There are 50 motor freight companies traveling 5 interstates, 20 U.S. highways and 30 state highways that serve the Boise Valley. More than 1,600 miles of rail line through Union Pacific and Burlington Northern Santa Fe provide connection points to Canada, Mexico and the U.S. They are aided by the state’s regional line and 6 short line railroads. Annually, the rail system transports over 11 million tons of freight.


PARK VILLAGE APARTMENTSArea Overview

IDAHO TAX OVERVIEWSales and Use Tax in Idaho is 6%. This would apply to items purchased or consumed in Idaho. Exemptions are available for equipment and raw materials used directly in manufacturing, processing, or fabrication; clean rooms used in semiconductor and semiconductor equipment manufacturing; and any equipment or material used in research and development activities.

We do not tax services including telecommunication services, and utilities such as water, gas, electricity, or natural gas. In our region we do not have any local option sales tax.

Property Tax personal (machinery/equipment) and real (land/buildings) – based on market value. 2017 Rates: Ada County Average Range: 1.1% - 1.8% Bannock County Average Range: 0.8 - 1.2% Canyon County Average Range: 1.5% - 2.5% Elmore County Average Range: 1.8%

Idaho does not have an inventory tax.

Corporate Income Tax – Computed at 7.4% of the Idaho taxable income of a corporation. Corporations that are taxable in Idaho and another state or country or are part of a unitary group of corporations, use a 3 factor formula to ascertain how much of the business is conducted in Idaho. The apportionment formula is made up of a property factor, a payroll factor, and a sales factor. These three factors, with the sales factor being double weighted for all taxpayers except for electrical and telephone companies, are totaled and divided by 4 to compute the Idaho apportionment factor. The Idaho apportionment factor is then applied to the business income of the corporation to compute income assigned to Idaho. Non-business income allocable to Idaho is added to the income apportioned to Idaho to arrive at Idaho taxable income.

SALES & USE TAX6%

CORPORATE INCOME TAX7% MINIMUM

WAGE$7.25/hr

STATE UNEMPLOYMENT INSURANCE RATE1.91%

UNION MEMBERSHIP(NAT’L AVG: 11.9%)7.1%

PERSONAL INCOME TAX RATE RANGE Rate range on a bracketed system based on income levels

1.6%-7.8%#2 BEST STATE Property tax rate (2013 Tax Foundation Study)

PROPERTY EXEMPTIONFirst $100,000 of personal property is exempt from taxation

right to workIDAHO IS A

STATE

PARK VILLAGE APARTMENTS

Col l iers Internat ional Idaho | 755 West Front Street , Sui te 300 Boise , Idaho 83702 | www.col l iersboise.com | 208 345 9000

CLAY ANDERSON, MBA, CPA208 489 6177

[email protected]

989 W Sherwood St — Boise, ID 83706

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PARK VILLAGE - LoopNet