1031 Crowdfunding Buys 178-Unit Seniors Housing Portfolio in Utah

by Amy Works

ST. GEORGE AND LINDON, UTAH — 1031 Crowdfunding has acquired its first two seniors housing communities in Utah.

Totaling 178 units of assisted living and memory care, the communities are in the Provo suburb of Lindon and St. George, which is located approximately 130 miles northeast of Las Vegas.

Both properties total 156,473 square feet across 5.85 acres, offer seven-year leases, and are within a four-mile radius of local hospitals.

“As 1031 Crowdfunding continues to grow, we plan to move into other regions of the country,” says Edward Fernandez, president and CEO of 1031 Crowdfunding.

“Seniors housing facilities are needed throughout the country as the baby boomers continue to age, so we continue to look for opportunities to grow our real estate portfolio in targeted markets where we see seniors housing growth potential. The Utah market is attractive to us because the state offers an ideal environment for businesses, lower taxes and a mix of diverse and varied industries that draw people who want to live and work in the state.”

The facilities, Spring Gardens St. George and Spring Gardens Lindon, were built in 2011 and 2016. Avista Senior Living is the operator.

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