Brinkman Real Estate closed today on the acquisition of Southside Townhomes in Nampa, Idaho. This purchase marks their second acquisition in Idaho and the largest to date with 188 Class A units across 36 buildings. The company also owns Addison Springs in Twin Falls.

Brinkman acquired Southside Townhomes at nearly a 40% discount compared to other recent Class A multifamily transactions throughout the Boise metro. The company’s capital markets team, in partnership with CBRE’s Institutional Debt and Restructured Finance team comprised of Brady O’Donnell, Jeff Halsey, Jill Haug, and Alex Scott led the financing execution for this asset. The team secured financing with Fannie Mae and, through active asset management throughout the due diligence process, were able to maximize proceeds and position the asset for success.

“We’re extremely pleased with the transactional basis we achieved on this deal,” said Partner and Chief Acquisitions Officer Brett Silverstein. “It was a true team effort to bring this over the finish line and it’s an excellent addition to our investment portfolio.”

Brinkman Real Estate identified Nampa and the greater Boise metro as a market with strong fundamentals for real estate investment, such as accelerated population and job growth. While Nampa has historically been known for a strong agricultural base, the manufacturing and technology sectors have expanded into the area in recent years. Large investments from The Stow Company and Amazon have created nearly 2,500 new jobs in Nampa, and additional start-ups are eyeing the market due to relatively lower cost of living, high quality of life, and a talented workforce.

Data from the National Association of Realtors shows Idaho as the state with the highest average job growth (11.6%) since pre-COVID (Yun, 2023). Coupled with below-average units per capita, Boise and the surrounding submarkets are positioned for multifamily investment.

“We’ve been expecting to see buying opportunities come online as we reach a pivotal phase in the market cycle,” said Brinkman Real Estate’s Founder and CEO Kevin Brinkman. “Southside represents what we believe will be the first of many as we continue to seek out assets in high-growth mountain west markets.”

Southside Townhomes were built in 2022/23 and include quartz countertops, vinyl plank flooring, modern cabinetry, and stainless-steel appliances, requiring little in the way of capital expenditures in the short term. Brinkman’s business plan for the asset will focus on operational improvements to ensure a positive resident experience. They will work collaboratively with Roundhouse, an established partner across their portfolio of assets, for the onsite management of the property.

Source:
Yun, L. (2023, December 8). Instant Reaction: Jobs, December 8, 2023. Economists’ Outlook. https://www.nar.realtor/blogs/economists-outlook/instant-reaction-jobs-december-8-2023