Iconic Development, LLC (“Iconic”) is pleased to announce the acquisition of a 47-unit, 188-bed student housing apartment complex located just one block away from Boise State University (“BSU”) in Boise, Idaho.  Iconic purchased the property in December 2007 with equity provided by high net worth investors and by assumption of an existing HUD loan on the asset.

Iconic plans to rehabilitate the apartment interiors using environmentally friendly products and practices, and to modernize the property in order to target student renters since BSU (enrollment ~20,000) is located directly across the street from the property.  Iconic expects to increase rents and reduce expenses as a result of the rehab.

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