Investment Overview

The Pacific Northwest Investment Sales Team of IPA has been retained as the Exclusive Listing Broker for the sale of Silver Bay, a 185-unit garden-style apartment community situated directly on Silver Lake and the Boise River Greenbelt in Boise, Idaho. Owned and operated by a private investor for approximately a decade, Silver Bay presents a compelling value-add opportunity of institutional scale.

The property occupies a premier waterfront setting just ten minutes from downtown Boise, offering residents a rare combination of quiet, lakefront living with all the urban convenience the city has to offer. Silver Bay features water views from many units, multiple private docks, and expansive shoreline green space along Silver Lake and the adjacent Boise River Greenbelt. Spanning approximately 9.5 acres, Silver Bay features one-, two-, and three-bedroom homes within a thoughtfully designed setting, offering a unique living environment that is difficult to replicate.

The property presents a compelling value-add investment opportunity. Approximately 70% of units remain in their original condition, while the limited upgrades completed to date were largely implemented more than a decade ago, prior to current ownership. An incoming investor will have the opportunity to enhance both unit interiors and common areas to better align the community with current market standards and capitalize on strong renter demand. Comparable renovated properties in similar waterfront settings throughout the Boise market are achieving meaningful rent premiums, supporting a clear opportunity to generate significant revenue growth through a strategic renovation program.

Premier Waterfront Setting

Silver Bay is situated directly on Silver Lake and the Boise River Greenbelt just 10 minutes from downtown Boise, offering residents a rare combination of quiet, lakefront living and all the urban convenience the city has to offer. The property features water views from many units, multiple private docks, and expansive shoreline green space.

Compelling Value-Add Upside

Approximately 70% of units remain in original condition, while prior upgrades were largely completed more than a decade ago. Comparable renovated properties in similar waterfront settings are achieving significant rent premiums, providing a clear path for interior and common area enhancements to drive revenue growth.

Limited Supply Pipeline

The Boise development pipeline has declined to a 10-year low, with roughly 1,150 units currently under construction in the whole MSA. This is a sharp reduction from peak 2022 levels when over 6,000 units were under construction. As remaining projects stabilize, rent growth is poised to resume as Boise continues to attract new residents and corporate investment.

Significant Local AI Investment

Micron’s recently announced $50 billion Idaho expansion includes two new advanced memory fabrication facilities expected to generate approximately 17,000 jobs. Continued investment tied to AI-related semiconductor demand positions Boise for sustained economic and employment growth.

Friendly Regulatory Environment

Boise maintains a balanced regulatory framework that allows owners to effectively operate assets and enforce lease provisions, offering a more predictable operating environment relative to many Western US markets.

Strong Population Growth Fundamentals

Idaho remains among the fastest-growing states nationally, with Boise and the broader Treasure Valley serving as the primary beneficiaries of that trend. Recent projections indicate Idaho’s population is expected to grow at approximately three times the national average over the next two years, with roughly 75% of recent growth driven by domestic in-migration.