According to the Idaho Statesman, Kennedy Wilson, based in Beverly Hills announced the acquisition of
the 188-unit Cottonwoods Apartments in Southeast Boise for $24 million. Currently a one bedroom unit rents for $997 a month and a two bedroom goes for about $1250 in the building but rents are expected to rise after the purchase. The firm has been active in the Boise market since 2014 owning nearly 1200 apartments with plans to increase its holdings to 2000 by 2020.
“Boise has emerged as one of the fastest-growing metro areas in the United States and one of the top-performing markets in our multifamily portfolio,” Managing Director Nick Bridges said in the release.
The company said it will soon develop new complexes of its own. It is planning 166 multifamily units on land next to properties it owns in Boise and 278 units on a 22-acre site in Eagle near the Greenbelt.
One of the earlier acquisitions was the Whitewater Park Apartments near Whittier Elementary School in Boise’s West End. In 2015, Kennedy Wilson raised rents, in some cases by more than 50 percent, the Statesman reported then. A one-bedroom apartment facing Quinn’s Pond increased from $777 to $1,176. The complex has 324 units.
Kennedy Wilson said it will spend $6 million to renovate the Cottonwoods. Over eight months, residents can expect to see a revamped gym, pool and clubhouse. The company hopes to finish those next summer. Interior units will be renovated over three to four years, Heidt wrote in an email to the Statesman.
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