The AspenClosed August 2026
45 units across 12 buildings at 1411 to 1425 N Liberty Street, Boise. Workforce housing bought 100% occupied, with in-place rents below market.
Key metrics
Offering summary
| Purchase price | $8,750,000 |
| Price per unit | $194,444 |
| Units | 45, across 12 buildings |
| Rentable square feet | 37,844 |
| Vintage | 1960 to 2000, core 1970 |
| Cap rate at purchase | 5.63% on actual trailing income |
| Financing | $6,535,000 fixed-rate agency loan |
| Occupancy at closing | 100% |
| Closed | August 28, 2026 |
Deal walkthrough
The plan
Prior ownership turned eleven units during its hold, and the renovated units rent for about 24% more. The plan is the same play, on our timeline: renovate on natural turns, never trading occupancy for rate, with the renovation budget funded at closing rather than out of operating cash.
The property manager signed a written business plan before takeover: the budget, the renovation program, preventive maintenance schedules, the lender's operating requirements, and the service levels each side commits to. When something is ambiguous mid-year, the document is the tiebreaker.
Fees, stated first
If a fee only looks reasonable after you've seen the upside, it isn't reasonable. Here's what I earn on this deal.
| Fee | Basis | On The Aspen |
|---|---|---|
| Acquisition fee | 2% of purchase price, at closing | $175,000 |
| Guarantor fee | For signing on the loan | $31,725 |
| Asset management fee | 2% of collected income, ongoing | 2% of collections |
| Disposition fee | 1% at sale | 1% of sale price |
Partway through escrow, my financing fell apart.
My earnest money was hard, the seller had a date, and the original lender was coming apart underneath the deal. So I took the debt back out to the market, worked it lender by lender, bought an extension, and closed on a fixed-rate agency loan with better terms than the one that died. I tell that story on purpose: you learn more about a sponsor from the week the financing broke than from any deck.
"Brent is a problem solver. When hurdles get in his way he finds a way through them. He's resourceful, honest, and follows through on his commitments. His approach to acquisitions is creative and strategic. The way he leverages technology to operate his portfolio sets him apart."
Documents
Investors in this deal receive a monthly report, monthly distribution, and monthly update, with the property manager's full report alongside mine.
Soft commit
A soft commit holds your place in line for the sponsor-held position. It's not binding and it doesn't move money; it tells me who's serious so I can reach out with the offering documents, usually the same day.