North RiverOwned since October 2025
Sixteen units at 760 N 30th Street in Boise, a 1972 value-add community and the first Boise deal I bought with investors.
Performance, a year in
Property summary
| Contract price | $3,300,000 |
| Seller credit at closing | $250,000 |
| Units | 16 |
| Vintage | 1972 |
| Financing | Fixed-rate agency loan, 5.77%, non-recourse, matures 2030 |
| Occupancy today | 100% |
| Closed | October 2025 |
A year in, honestly
July's rental income ran 8.1% ahead of the underwriting plan and NOI ran 7.9% ahead. The underwriting assumed zero market-rent growth in year one; blended market rents have risen 11.5% since closing anyway, from $1,530 to $1,706.
What the first year cost. Full-year collections ran below plan while units sat open for renovation and the property changed managers. That's the honest ledger of a value-add year one, and the current run rate is ahead of plan.
Where I changed the plan. The full remodels cost several times what a simple make-ready turn costs, and the make-ready captured nearly the same rent lift. The numbers made the call: the renovation program re-scoped to make-ready turns, and the capital stays in the bank.
"Our weekly calls have created a strong operating rhythm and have been an important part of the progress we've made at the property over the past year. He values data, listens to recommendations, asks thoughtful questions, and gives our team the trust and autonomy to execute."
I terminated on the last day of diligence. On purpose.
Diligence surfaced real deferred maintenance, and the seller was counting on my earnest money going hard to hold the price. So I terminated, and came back the next morning with a price that reflected the repairs, offering to put my money back in hard immediately. The leverage flipped. The deal closed with a $250,000 seller credit, at the price the buildings said it should.
Reporting
Partners in this deal receive a monthly report and monthly update, with the property manager's full report alongside mine, and a call with me anytime. The performance figures on this page come straight from those reports.
Talk to me
North River is held in a private partnership, not a public offering. A partnership interest may be available from time to time; reach out if you'd like to know more about the property, how I run it, or working together. That's how every partnership I have has started: with a conversation.