Standard Communities, which has focused on market-rate and affordable multifamily housing acquisitions, has completed its first U.S. ground-up development and its first investment in Idaho.
The firm, based in New York and Los Angeles, partnered with River Caddis Development, based in East Lansing, Michigan, to develop Jules on 3rd Apartments in Boise, one of the fastest-growing cities in the nation.
“It’s my opinion we teamed up for selfish reasons,” says Kevin McGraw, president of River Caddis. “Standard wanted a ground-up developer that specialized in housing and mixed-use, and we wanted an affordable housing expert, and I think we both got our wish.”
The eight-story mixed-use development spans most of a city block in the heart of downtown. It includes 173 units, which encompasses 285,000 square feet above 3,000 square feet of street-level retail space. It also includes a 374-stall parking structure, with 200 parking spaces for Ada County employees.
“This is the perfect example of a public-private partnership,” says McGraw.
Standard, River Caddis, and Ada County partnered to solve the parking needs for the county while creating the availability of apartments in the rapidly growing city. Ada County is the owner and operator of the parking structure, which sits below the apartment residences.
“With the burden of parking not on us, we could spend more money on the building,” says Robert Koerner, Standard’s chief investment officer. “Without that, it wouldn’t have penciled.”
Jules on 3rd Apartments, which celebrated its grand opening at the beginning of August, had to overcome several hurdles during construction. Even through a fire, a burst water pipe, water damage, and supply chain issues, the development was completed early and on budget, according to the developers.
The development features state-of-the-art amenities, including a rooftop pool and sundeck with mountain views, an outdoor kitchen with barbecue grills, outdoor fire pits and games, a fitness and wellness studio, a sky lounge clubroom, a conference room, a dog park and spa, and bicycle storage.
The apartments, which are a combination of studio, one-, and two-bedroom floor plans, include vaulted ceilings, high-end finishes, quartz countertops, stainless steel appliances, private balconies or patios, built-in shelving, smart home door locks and thermostats, and full-size washers and dryers.
“It takes a lot of people to make a project like this work,” says Koerner. “Our goal was to make this the nicest project in Boise.”
Standard and River Caddis are co-owners on the development, and The Opus Group is the design-builder, interior designer, architect, and structural engineer of record. The property, which was almost two-thirds leased at the time of the grand opening, is being managed by Greystar.
“River Caddis and Standard, we are really proud to be part of this community, and we are looking forward to doing other things here,” adds McGraw.