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8/19/22
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Construction of Village Apartments, a Class A, 336-unit apartment development in Meridien, ID, is expected to begin in the coming months with completion anticipated for fall 2024. The project, a development of a joint venture between the Rockworth Companies and the Gasser Family, is coming from a $68 mil senior construction loan provided by PCCP LLC.
Village Apartments is located at 2600 N Eagle Road in Meridian, the second largest city in Idaho and a part of the Boise MSA. The project is nine miles west and an 18-minute drive from downtown Boise.
Situated on 11.4 acres, the garden-style community will consist of six, four-story elevator-serviced residential buildings with enclosed corridors and a central clubhouse with leasing office. Units will average 846 sf in size and include one-, two-, and three-bedroom floorplans that are finished with stainless steel appliances, tiled bathroom flooring, vinyl plank floors in living areas, solid surface counters, and in-unit washers and dryers. It will also feature a number of amenities including a pool, spa, fitness center, lounge, community kitchen, game room, pickleball court, playground, and bike repair area.
Meridian has undergone nation-leading growth over the past ten years, increasing its population to more than 118,000 people (56% growth) and has seen large additions of multifamily supply to meet its outsized demand, taking it from a modest suburb to the region’s second largest submarket. While multifamily inventory has more than doubled in the past five years, it has been readily absorbed, and vacancy is below 5%.
Village Apartments is adjacent Village at Meridian shopping mall, which is widely considered some of the most upscale retail in the metro, and there are over 500 other retail properties within a three-mile radius. High quality schools in the West Ada school district and the 58-acre Julius M. Kleiner Park are nearby as well.
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