Breaking Ground on Alpine Landing
McCarthy Companies and Montgomery Street Partners are set to break ground on their third deal together – this time in Garden City, Idaho. Garden City is a riverside community located about 15 minutes northwest of Downtown Boise and roughly 20 minutes from Boise International Airport. This Boise-area submarket has seen unprecedented growth in the last few years, both in terms of availability and subsequently, affordability.
The community, aptly named Alpine Landing, boasts 95 units spread across 43 buildings of both attached and detached three-story townhomes and two-story duplex units. Each unit has a private backyard, attached garage, and access to proximate walking trails. The site planning is designed to maximize private green space while encouraging neighbor interactions via the internal network of trails that connect the dog park, playground, arterial open spaces, and neighboring communities. The architectural language is composed of elements related to the traditional farmhouse style with a modern influence easily seen in the materials and color palette of the homes.
The Timeline
Demolition of the existing structures has begun and rough grading is scheduled to begin Monday, August 1st. The project has a build time of 20 months and is expected to conclude construction in the first quarter of 2024.
What is BFR?
Build-for-Rent, or BFR as it is institutionally known, is a building typology that is designed to fill the residential chasm between traditional homeownership and renting in a garden-style apartment complex. Many young adults enjoy the flexibility of renting, but are often priced out of homeownership and the benefits that accompany it, such as space and amenity-rich surroundings; not to mention you don’t have anyone living above or below you. With BFR product, a balance is struck between affordability, size and space, which offers young adults and families the opportunity to find the proverbial “middle ground.”
A Meaningful Opportunity
In recent years, homeownership has felt out of reach for many Americans due to significant student debt, stagnant wages, and the high cost of housing in today’s market. However, today’s renters are willing to pay a premium for new construction, especially for spaces with modern design elements, garages, and ample outdoor space. As housing needs continue to evolve, McCarthy Companies is ready to address the increased demand for single-family rentals with build-for-rent properties. With the number of renters steadily rising since 2007, the BFR model and today’s economy present a multitude of benefits for BFR occupants.
