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Transactions - AUGUST 26, 2022

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Rockworth JV to develop apartment community in Idaho, receives $68m construction loan

by Released

A joint venture between the Rockworth Cos. and the Gasser Family has plans to develop the ground-up development of Village Apartments, a class A, 336-unit apartment community located at 2600 N. Eagle Road in Meridian, Idaho.

PCCP provided a $68 million senior construction loan to the joint venture.

Meridian is the second largest city in Idaho and is part of the Boise MSA, nine miles west and an 18-minute drive from downtown Boise.

Construction on Village Apartments will commence in the latter half of 2022 with completion anticipated in fall 2024. 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 square feet and include one-, two-, and three-bedroom floorplans with stainless-steel appliances, tiled bathroom flooring, vinyl-plank floors in living areas, solid-surface counters, and in-unit washers and

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