REBusinessOnline

Central Utah Water Buys 92,042 SF Corporate Campus in Orem for New Headquarters

OREM, UTAH — Central Utah Water has purchased the former Xactware campus within Intermountain West in Orem for an undisclosed price. The two-building asset totals more than 92,042 square feet of Class A office space. Central Utah Water’s primary responsibility is to deliver clean, useable water to customers by managing the network of water facilities. The company manages three water treatment facilities in Utah Valley, Ashley Valley and Duchesne County, and administers the sale of water …

Arbor Funds $8.4M Fannie Mae Loan for Apartment Complex in Metro Salt Lake City

MILLCREEK, UTAH — Arbor Realty Trust has funded an $8.4 million Fannie Mae DUS Loan for Tapestry Townhomes, a multifamily property in Millcreek, a suburb of Salt Lake City. Consisting of seven three-story buildings, Tapestry Townhomes features 42 units. The apartments feature high-end wood cabinets, soaking tubs, gourmet kitchens, in-unit washers/dryers and private balconies. Garth Davis of Arbor’s San Francisco office originated the loan, which was funded through Fannie Mae’s …

Hanley Arranges $3.2M Sale of Single-Tenant Property Leased to Café Rio in Salt Lake City

SALT LAKE CITY — Hanley Investment Group Real Estate Advisors has arranged the $3.2 million sale of a 2,513-square-foot, single-tenant building leased to Café Rio in Salt Lake City’s Sugar House district. The building is a renovated Carl’s Jr. property with a drive-thru. Jeremy McChesney and Dylan Mallory of Hanley Investment Group represented both the buyer and seller in the off-market transaction. The buyer was a private investor from the San Francisco Bay Area, and the seller …

Alpha Wave Investors Purchases 76-Unit Cove on Bruce Apartments in Metro Salt Lake City

CLEARFIELD, UTAH — Alpha Wave Investors has acquired Cove on Bruce Apartments, a multifamily property in the Salt Lake City suburb of Clearfield, for an undisclosed price. The 76-unit property features two-bedroom/one-bath floorplans with in-unit washer/dryer hookups. Community amenities include covered parking, a children’s playground and a pet-friendly environment. The buyer plans to invest more than $750,000 in capital improvements, including a new leasing office and fitness …

Ready Capital Arranges $9.5M Loan for Apartment Complex in Metro Salt Lake City

MIDVALE, UTAH — Ready Capital Structured Finance has secured a $9.5 million loan for the acquisition, renovation and stabilization of an apartment complex located in the Union Park District of Midvale. The undisclosed borrower plans to renovate the 96-unit property. The plan includes interior upgrades to most units, the addition of a swimming pool to the courtyard, the construction of a new leasing office and fitness center, and various other capital improvements. The non-recourse, part …

Arrowroot Real Estate Buys 64-Unit Multifamily Property in Salt Lake City

SALT LAKE CITY — Santa Monica, Calif.-based Arrowroot Real Estate has purchased Edgewood Park Apartments, a multifamily property located in the Cottonwood Heights submarket of Salt Lake City, for an undisclosed price. Built in 1994, the value-add property features 64 apartments. The asset is the fourth investment made by Arrowroot Real Estate Fund I thus far in 2018. James Wadsworth and Greg Barratt of Berkadia facilitated the transaction. The name of the seller was not

Vintage Capital Partners Sells 265-Bed Student Housing Community Near Dixie State University

ST. GEORGE, UTAH — Vintage Capital Partners, an investment affiliate of Redstone Residential, has sold Vintage Tabernacle, a 265-bed student housing community located near Dixie State University in St. George. The property opened in 2018 and offers two-, four- and five-bedroom units with shared amenities including a swimming pool and fitness center. An investor based in California acquired the community for an undisclosed price. Brock Zylstra and Danny Shin of Marcus & Millichap …

Joint Venture Acquires 282-Bed Student Housing Community Near Utah Valley University

OREM, UTAH — A joint venture between Millstream Partners and Redstone Residential has acquired Summerwood Condos, a 282-bed community located near Utah Valley University in Orem. The property was built in 2003 and is set to undergo a complete renovation and rebranding. Unit interiors will be updated with new furniture and appliances; new flooring; fresh paint; quartz countertops; and a gigabit Internet upgrade. Exterior upgrades will include the addition of a new fitness center and …

Live Oak Bank Provides $5M Financing for Two Assisted Living Communities Near Salt Lake City

MILLCREEK, UTAH — Live Oak Bank has provided $5 million in financing. The borrower, All Seasons Health Services Co., will use the funds to acquire two assisted living properties in the Salt Lake City suburb of Millcreek. The two properties were built in 2013 and 2016 and feature 20 and 24 beds, respectively. Each stabilized community operates under the BeeHive Homes franchise system. The principal of the borrower lives in the area and is an operator of six BeeHive Homes locations in …

VMG Negotiates Sale of 129,949 SF Office Building in Clearfield, Utah

CLEARFIELD, UTAH — Vectra Management Group (VMG) has arranged the sale of an office building located at 888 S. University Park Blvd. in Clearfield. Clearfield 888 acquired the property from 888 Associates for an undisclosed price. Situated on 11.3 acres, the 129,949-square-foot property features one building with a two-story north wing and a three-story south wing. The building was constructed from 1999 to 2001 and fully renovated from 2014 to 2016. Raju Shah and Bryan Barnes led the …

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