Iconic Development, LLC (“Iconic”) was formed by Bo Parfet and Bill Bennett to pursue value-added investments in demographically strong niche apartments, and is pleased to announce the acquisition of a 44–unit, 60-bedroom student housing apartment complex located in Boise, Idaho.  Iconic purchased the property in June 2007 with equity capital from high net worth investors, as well as from Iconic’s principals.

The property is located on the perimeter of Boise State University and is just minutes from the Boise River, downtown Boise, and Ann Morrison Park.  Iconic plans to invest in the unit interiors to make them more modern and appealing to today’s college student, and thus be able to increase rents and lease some units by the bedroom in a fully inclusive offering which includes cable, internet, furniture, and utilities.

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.