Iconic Development, LLC (“Iconic”) is pleased to announce the acquisition of a 147-unit student housing apartment complex located in Boise, Idaho, just three blocks east of Boise State University (near the football stadium). Iconic closed the investment in May 2008, with the majority of the project equity coming from an institutional investor out of Chicago and the remainder funded by Iconic’s principals.  "The closing of this transaction positions Iconic as the largest private owner of apartments serving the Boise State University submarket and offers us the opportunity to better serve our target customers through more choice," said Bo Parfet, Principal at Iconic.

The property is 0.3 miles from Boise State University and located in a sub-market of BSU that is highly popular because of its proximity to restaurants, bars, the football stadium, downtown Boise, and the green belt. Indeed, it is thanks to its premier location near the University, as well as the prior owner’s unfamiliarity with managing and operating student housing, that the asset offers a compelling opportunity to increase rents.  Iconic’s business plan is to add units and bedrooms by converting large floor plans; to increase rents through rehabilitation of the apartment interiors and improvement of the amenity package; and to sell or refinance the property in four years.

Established in 2007, Iconic Development is headquartered in Evanston, IL.  The firm owns a portfolio of more than 1,400 leaseable units.  The firm’s principals, who have completed over $2 billion of transactions, invest their own capital in every Iconic investment.