Investment Overview

XXX INVESTMENT OVERVIEW XXX

Premier Waterfront Setting

Silver Bay is situated directly on Silver Lake just 10 minutes from downtown Boise, offering residents a rare combination of quiet, lakefront living and all the urban convenience the city has to offer. The property features water views from many units, multiple private docks, and expansive shoreline green space that enhances the resident experience.

Compelling Value-Add Upside

Approximately 70% of units remain in original condition, while prior upgrades were largely completed more than a decade ago. Comparable renovated properties in the immediate area are achieving significant rent premiums, providing a clear path for interior and common area enhancements to drive revenue growth.

Limited Supply Pipeline

The Boise development pipeline has declined to a 10-year low, with only 1,300 units under construction as of Q3 2025, a sharp reduction from peak 2023 levels when the X,XXX units under construction represented almost 17% of total inventory. As remaining projects stabilize, rent growth is poised to resume as Boise continues to attract new residents and corporate investment.

Significant Local AI Investment

Micron’s recently announced $50 billion Idaho expansion includes two new advanced memory fabrication facilities expected to generate approximately 17,000 jobs. Continued investment tied to AI-related semiconductor demand positions Boise for sustained economic and employment growth.

Landlord-Friendly Regulatory Environment

Boise maintains a balanced regulatory framework that allows owners to effectively operate assets and enforce lease provisions, offering a more predictable operating environment relative to many West Coast markets.

Strong Population Growth Fundamentals

Idaho remains among the fastest-growing states nationally, with Boise and the broader MSA serving as the primary beneficiaries of that trend. Recent projections indicate Idaho’s population is expected to grow at approximately three times the national average over the next two years, with roughly 75% of recent growth driven by domestic in-migration.