Downtown Boise, ID — Los Angeles-based MJW Investments has acquired The 951, a 70-unit core-plus, mixed-use community built in 2015 at 951 E Front Street in Downtown Boise. It was secured off-market through a longstanding broker relationship and acquired from the original developer. 

The 951 pairs a differentiated mix of one- and two-bedroom, and seven live/work units with ground-floor retail across four stories on 1.74 acres. The amenity package includes a leasing office, fitness center, office workspace, secured access, bike storage rooms, and 111 mostly covered parking spaces. New construction in the submarket has fallen to a ten-year low, and in-place rents trail Downtown Boise asking rents by a meaningful margin giving MJW embedded upside. 

“We are excited to add The 951 to our portfolio. This stabilized, income-producing asset combines an exceptional location with a purchase price at a significant discount to intrinsic value,” said Mark Weinstein, MJW’s Founder and President. “It aligns directly with our strategy of delivering durable returns to our investors while providing residents a place they are proud to call home.”  

The Boise MSA has experienced 17% population growth over five years, roughly 420,000 non-farm jobs, and sub 4% unemployment. Its diversified employment base spans technology, healthcare, agriculture, government, and education anchored by employers such as Micron, St. Luke’s Health System, J.R. Simplot, and Boise State University. 

“The 951 is exactly the kind of high-quality, well-located assets we look to acquire. Our basis is well below replacement cost while offering strong risk adjusted returns,” said Tony Cianciolo, MJW’s Head of Acquisitions. “Boise is positioned to be one of the strongest growth markets in the country.” 

MJW’s business plan pairs light interior renovations at unit turnover with a mark-to-market of below-market in-place rents and the potential conversion of underutilized retail to residential use. Roundhouse, MJW’s established Boise operating partner, will manage the property alongside its existing downtown portfolio, with a focus on responsive service and an elevated resident experience. 

About MJW Investments 

Founded in 1983, MJW Investments owns and operates over $1.5 billion in real estate. The company’s current portfolio consists of over 1,500 multifamily units and 6,800 student housing beds across eight states.