Alvin J. Wolff Inc., the brokerage and acquisition division of The Wolff Companies, of Spokane, has bought a 288-unit apartment complex in Boise as the first move in what will be an aggressive plan to penetrate apartment markets in other Western cities, says Fritz H. Wolff, a member of the companys board of directors.
The Boise property, which is called The Renaissance at Hobble Creek and is in the northwest part of town, is The Wolff Companies first apartment complex outside of the Spokane area, says Wolff, who is son of company chairman Alvin J. Wolff Jr. He declines to disclose the terms of the sale, but says the company bought The Renaissance from Duke Inc., a Dallas-based development company that completed construction of the 18-building complex in September.
Were actively looking for more properties like that in Boise, Reno, Portland, and Dallas, Wolff says. Weve strategically decided that we have enough assets in this (Spokane) market, and weve decided to tackle others.
The Wolff Companies, which owns about 2,500 apartment units in several complexes in the Spokane area, currently is negotiating to buy both established apartment complexes and developable apartment sites in Boise and Reno, but has completed no other transactions.
The Renaissance at Hobble Creek is one of Boises flagship rental properties, Wolff says. He says its quality and amenities are comparable to those at some of Alvin J. Wolff Inc.s more recent Spokane projects, such as Big Trout Lodge, a 186-unit complex being built now at Liberty Lake, and The Whimsical Pig, a 272-unit complex in the Spokane Valley.
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