A site once envisioned as a future grade school could instead add new houses from a rental home company.
According to property records, AMH Development of Calabasas, California, purchased the site at 2484 S. Monitor Way from the school district last year. The property had been listed at $6.3 million, and the district issued a call for offers last summer.
“The property was purchased by the Boise School District in 1995 as a possible site for an elementary school,” Boise School District spokesperson Dan Hollar said. “Since that time, we have made significant improvements to nearby Maple Grove Elementary School, adding a new gymnasium and additional classrooms, as well as building a new Amity Elementary School in the area.”
The district decided to sell the property, and received $6.031 million for it.
AMH applied to build a subdivision with 48 houses on the site, which would be accessed off Monitor Way.
So far, AMH has just asked for a subdivision permit from the city, which does not provide extensive details on the plan. A series of single-family lots would sit around a ring of new roads on the site. Lots would range from about 9,000 square feet to more than 12,600 square feet.
The Land Group, which is handling permitting for AMH, told neighbors it hoped to build a single-family project “consistent with the adjacent” subdivisions in the area.
The project is currently in review with the City of Boise.
Rental home company behind project
AMH Development is the “home building arm” of American Homes 4 Rent, a publicly-traded company that says it is “known for high-quality, good value and resident satisfaction.”
“We are building Class A single-family homes, higher quality than you would find from most home builders,” AMH Development CEO David Singelyn said in a promotional video. “American Homes 4 Rent is transforming the single-family rental industry.”
“We are adding very durable purpose-built homes to our portfolio that are leasing just incredibly well, generating rental rate premiums, ultimately translating into superior rental rate returns as well,” CFO Chris Lau said in the video.
AMH said it was targeting families of three or more, many with pets, for its projects.
American Homes 4 Rent also operates communities in Kuna, Meridian, Star and Nampa.
As of the end of March, the company owns 57,985 single-family homes across the US. Beyon the Monitor Way proposal, property transfer records reviewed by BoiseDev show AMH and related entities have purchased a number of existing single-family homes across both Ada and Canyon Counties in recent years, and is marketing them for rent.