TownE Square

Exclusive Multifamily Opportunity

244 N. Allumbaugh St  |  Boise, ID 83704

OPPORTUNITY

Berkadia Boise Investment Sales & Berkadia Affordable Housing are pleased to present the exclusive listing of Towne Square Apartments, a 160-unit garden-style community located in the West Bench neighborhood of Boise, Idaho.  

Built in two phases in 1990 and 1994, Towne Square offers a diverse mix of 12 studio, 66 one-bedroom, 68 two-bedroom, and 14 three-bedroom units ranging from 404 to 1,095 square feet. With 80 of its 160 units carrying Low-Income Housing Tax Credit restrictions that expire December 31, 2034, the property presents a defined, dated path to full market conversion on half its units.

The property spans 7.77 acres across 14 three-story, wood-framed walk-up buildings. Interiors carry a single finish scheme of vinyl plank and carpet flooring, wood cabinetry, and laminate countertops, leaving a straightforward canvas for a new operator.

Towne Square was 98.1% occupied at the August 5, 2026, rent roll, and same-unit rents across the 148 units held continuously since April 2025 have grown 11.8%, led by a 17.3% increase across the income-restricted units as area median income has risen. Market-rate units grew 5.9%, in line with broader Treasure Valley trends.

On site, residents enjoy a clubhouse with lounge and community kitchen, fitness center, card-operated laundry facility, playground, barbecue area, and landscaped courtyard garden. Parking totals 320 spaces at 2.0 per unit, including 160 covered garages across 17 freestanding buildings, delivering one covered space per unit and a real retention advantage.

The West Bench location places residents adjacent to Boise Towne Square, the N. Cole Road retail corridor, and Saint Alphonsus Regional Medical Center, with direct freeway access via the I-184 Connector.

Boise is one of the country’s fastest-growing metros, with a population up roughly 15% since 2020 and projected to grow another 17.4% by 2030. The 18-to-35 renter cohort is forecast to expand 20.4% against a national rate of 1.5%, concentrating in-migration demand in the attainably priced, established neighborhoods where Towne Square sits.

  • Address 244 N Allumbaugh Street
  • City, State, Zip Boise, ID 83704
  • County Ada
  • Parcel Number(s) S1007347102
    S1007347126
  • Zoning R-3
  • Site Size/Acreage 7.77 Acres
  • Built1990 & 1994
  • Units 160
  • Buildings 14
  • Stories 3
  • Rentable SF 112,142 SF
  • Average Unit SF 701 SF
  • Average In-Place Rent$1,289
  • Average In-Placet Rent/SF$1.83

INVESTMENT HIGHLIGHTS

MICRON AT SCALE
Micron’s $50 billion expansion of its Boise campus, which adds two new high-volume memory fabs with first wafer output expected in mid-2027, is projected to add 17,000 jobs in Idaho. That investment, alongside St. Luke’s $1.2 billion hospital expansion, continues to drive household formation across the metro, and Towne Square sits within the established western neighborhoods absorbing that demand at attainable rents.

DATED PATH TO MARKET 
Eighty of Towne Square’s 160 units carry Low-Income Housing Tax Credit restrictions that expire December 31, 2034. Forty of those are non-voucher units held well below unrestricted market rents. Berkadia projects those forty units achieving a weighted average premium of $281 per unit per month upon conversion, increasing Gross Potential Rent at Towne Square approximately $134,900 per year beyond the pro forma.

ASSUMABLE DEBT

Towne Square carries an assumable Freddie Mac loan with an original balance of $13,853,000 fixed at 3.01% through July 2031, roughly 280 basis points inside where agency debt is quoting today. Additional supplemental proceeds are available to increase leverage. 

160

units

1990 & 1994

Years Built

701

AVG SF

ASSET

Towne Square Village occupies 7.77 acres at 244 North Allumbaugh Street in West Boise, zoned R-3, with 14 three-story, wood-framed buildings. The buildings are exterior-entry walk-ups with no interior corridors or elevators, finished in vinyl lap siding with vinyl soffits beneath pitched asphalt composition shingle roofs. Windows are double-pane operable units in aluminum frames, with sliding glass doors opening to wood-framed balconies at upper levels and concrete patios at grade.

The 160 units comprise 12 studios averaging 424 square feet, 66 one-bedroom units averaging 561 square feet, 68 two-bedroom units averaging 804 square feet, and 14 three-bedroom units averaging 1,095 square feet, for a weighted average of 701 square feet. Interiors carry a single finish scheme throughout: painted gypsum board walls and ceilings, vinyl plank and carpet flooring, wood cabinetry with thermofoil fronts, laminate countertops, and a white appliance package. Twenty-five units have received prior updates and are identified as renovated.

Community amenities include a clubhouse with lounge and community kitchen, leasing office, fitness center, card-operated laundry facility, playground, barbecue area with picnic tables, and courtyard garden. Units are individually metered with 100-amp panels, through-wall air conditioning, electric baseboard heat, and individual electric water heaters; utilities at market-rate units are recovered through a RUBS program. Parking totals 320 spaces, comprising 160 covered garage spaces across 17 freestanding garage buildings and 160 surface spaces including 14 ADA stalls.

Value Add OPPORTUNITY

Towne Square presents two distinct paths to higher income, each operating on different timelines. The first is available immediately: 80 market-rate units that can be moved toward achievable market rents and improved through a targeted renovation program. The second is contractual and dated: 80 income-restricted units whose Low-Income Housing Tax Credit restrictions expire on December 31, 2034.

  • Market-Rate: 80 units carry no income restriction and represent the near-term mark-to-market and renovation opportunity.
  • Income-Restricted, Voucher-Supported: 40 units are subsidy-backed, already renting at or above comparable unrestricted units, and are underwritten flat.
  • Income-Restricted, Non-Voucher: 40 units are held at 2026 maximum allowable tax credit rents and convert at expiration.

Ownership has operated Towne Square for occupancy rather than rate, sustaining the property above 98% while rents across the Treasure Valley have begun to move. That leaves the 80 unrestricted units positioned for a mark-to-market, and the classic units among them positioned for a renovation program capable of capturing a further premium.

The restricted units carry a second opportunity on a longer horizon. Forty non-voucher units sit at or below 2026 maximum allowable tax credit rents today and convert to unrestricted market rents at expiration of the restrictions.

Both paths are supported by movement already in the rent roll. Across the 148 units held continuously since April 2025, same-unit rents have grown 11.2%, with income-restricted units up 16.2% as area median income has risen, and market-rate units up 5.9%. Occupancy has held above 98% throughout.


Current Unit

Contact Us

Investment Sales

CLAY ANDERSON
Senior Managing Director
208.440.2486
[email protected]
ID CRE #SP34431

SPENCER HANSEN
Director
208.921.2560
[email protected]
ID CRE #SP54287

CHRISKOTT TODD
Associate Director
208.906.9515
[email protected]
ID CRE #SP58860

Affordable Housing

JORDAN SKYLES
Managing Director
208.631.4981
[email protected]
ID CRE #SP42885

Mortgage Bankers

CLAY AKIWENZIE
Managing Director
415.378.5923
[email protected]

HANK WORKMAN
Director
805.231.9492
[email protected]

Office:

800 West Main Street
Suite 1410
Boise, ID 83702
berkadia.com
berkadia.com/northwest

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.  

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