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12/09/25
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Intercontinental Real Estate Corporation, in partnership with Interwest Capital Group LLC, has acquired River Edge, a 175-unit, 622-bed student housing community adjacent to Boise State University (BSU) in Boise, ID. The price was not given out.
River Edge occupies a 3.21-acre site at 1004 West Royal Blvd in the Lusk District, a vibrant, student-focused neighborhood known for its close proximity to campus and nearby recreational amenities, including the Boise River and Ann Morrison Park, as well as retail, dining, and entertainment in downtown Boise. The five-story podium-style building offers a mix of two- and four-bedroom units averaging 1.2k sf. Community amenities include a fitness center, study rooms, a business center, a resident lounge/theater, a coffee bar and parking for 277 vehicles. The property stands at 99% leased for the 2025/26 academic year.
The joint venture plans for a light renovation program to 100% of the units, which have remained in their original condition since the property’s construction in 2015. Planned upgrades include stainless steel appliances, modern lighting, new living room furniture, smart TVs in every unit, and keyless entry systems to align with market standards.
“Student housing demand has increasingly shifted toward functionality, convenience, and affordability,” said Jessica Levin, Managing Director, West Coast and Associate CIO at Intercontinental. “This property aligns well with those evolving preferences, and our planned capital improvements will position River Edge as a competitive option within the Boise State student housing market.”
BSU’s growth has led to a pronounced imbalance between student housing supply and demand. With on-campus dormitory capacity limited to just 2,900 beds, the majority of students are forced to seek off-campus accommodations, a challenge compounded by rapid enrollment growth and a citywide housing shortage, according to Ross Karetsky, Associate Director, Acquisitions at Intercontinental. Over the past five years, enrollment has grown to more than 27,000, the highest in the university’s history. Despite this growth, no new student housing projects have been delivered in the past year, and none are currently in the construction pipeline. With enrollment projected to increase at an average annual rate of 1.7% over the next five years, demand for well-located student housing is expected to intensify even further.
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