Utah

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

by Amy Works September 13, 2018

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 floating-rate/part fixed-rate loan features a 60-month term, flexible pre-payment terms and is inclusive of a facility to provide future funding for capital expenditures and working capital reserves.

September 13, 2018

Acquisitions Multifamily Utah Western

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

by Amy Works September 10, 2018

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 released.

September 10, 2018

Acquisitions Multifamily Student Housing Utah Western

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

by Amy Works September 6, 2018

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 brokered the transaction. Redstone Residential will continue to manage the project for the new owner. “We are proud of what we have built at Dixie and look forward to our continued association with the property in a management role,” says Grant Collard, CEO at Redstone Residential. “We had contemplated holding the property for many years, but received an attractive, unsolicited offer at our year-eight pro-forma price.”

September 6, 2018

Acquisitions Multifamily Student Housing Utah Western

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

by Amy Works September 5, 2018

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 clubhouse; a triple-decker hot tub; fire pit; and refreshed outdoor living amenities. The property was purchased under a Freddie Mac green program. In accordance, the new ownership will be installing equipment to reduce water consumption by more than 50 percent and will install solar panels to offset common area electric expenses. The seller in the transaction and a timeline for renovations were undisclosed.

September 5, 2018

Loans Multifamily Seniors Housing Utah Western

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

by Amy Works September 4, 2018

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 Utah. Live Oak’s loan package features a fully amortizing 25-year term. The bank sourced the financing in collaboration with Brady Johnson of Hunt Real Estate Capital.

September 4, 2018

Acquisitions Office Utah Western

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

by Amy Works August 31, 2018

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 VMG team that represented the buyer and secured acquisition financing through KeyBank’s Salt Lake City commercial banking division. VMG and CBRE represented the seller in the transaction. The seller is a VMG-sponsored company that acquired the property in November 2015.

August 31, 2018

Acquisitions Multifamily Seniors Housing Utah Western

Marcus & Millichap Brokers Sale of 277-Unit Age-Restricted Community in Utah for $51.4M

by Amy Works August 27, 2018

DRAPER, UTAH — Marcus & Millichap (NYSE: MMI) has arranged the sale of Rosegate Draper, a 277-unit age-restricted multifamily asset in the Salt Lake City suburb of Draper. A local developer and owner sold the community to Kennedy Wilson, a California-based global real estate investment company, for approximately $51.4 million. The price equates to $185,379 per unit. Built in 2015, the five-story community features all one- and two-bedroom units and offers space for full-service facilities. Marcus & Millichap’s Danny Shin and Brock Zylstra represented the seller in the transaction.

August 27, 2018

Acquisitions Multifamily Utah Western

NALS Apartment Homes Sells 361-Unit Multifamily Complex in Salt Lake City

by Amy Works August 22, 2018

SALT LAKE CITY — NALS Apartment Homes has sold Cobble Creek, a multifamily property located six miles south of downtown Salt Lake City. An established, family-owned real estate investment business purchased the asset for an undisclosed price. Developed in 1974, the property was owned and operated by the seller for more than 25 years. Situated on more than 18 acres, the property features 309,696 square feet of net rentable space and 361 apartment units, with an weighted average unit size of 858 square feet. Steve Gebing of Institutional Property Advisors (IPA) and Cliff David, Danny Shin and Brock Zylstra of Marcus & Millichap represented the seller in the deal. Cody Cannon of Marcus & Millichap is the broker of record in Utah.

August 22, 2018

Acquisitions Multifamily Utah Western

Alpha Wave Investors Acquires 94-Unit Multifamily Property in Metro Salt Lake City

by Amy Works August 3, 2018

MIDVALE, UTAH — Alpha Wave Investors has purchased Park Station Apartments, a multifamily property located at 7155 High Tech Drive #3 in Midvale, a suburb of Salt Lake City. A Northern California-based private investor sold the property for an undisclosed price in an off-market transaction. Constructed in 1974, Park Station Apartments features 94 two-bedroom/one-bath apartment units. Alpha Wave plans to invest $1.5 million in capital improvements at the property. Renovations will include the addition of a swimming pool, fitness center and leasing office. The company will also address deferred maintenance and renovate exteriors and interiors, including adding washers and dryers to each unit. Brock Zylstra and Danny Shin of Marcus & Millichap represented the buyer and seller in the deal. David Walkin of Meridian Capital Group arranged acquisition financing, provided by Texas-based ReadyCap, for the buyer.

August 3, 2018

Loans Retail Utah Western

Bellwether Enterprise Secures $10.5M Refinancing for Retail Center in Orem, Utah

by Amy Works July 13, 2018

OREM, UTAH — Bellwether Enterprise has arranged a $10.5 million first mortgage loan to refinance a shopping center in Orem. Shelley Magoffin and Max Sauerman of Bellwether secured the financing for a Los Angeles-based investor. The borrower plans to use the loan to refinance existing debt. The non-recourse loan features a 10-year term, 25-year amortization schedule and flexible prepayment penalty for the latter half of the loan term. Constructed in phases between the 1950s and 1980s, the property features more than 100,000 square feet of retail space. At the time of financing, the asset was 95 percent leased to 11 tenants ranging in size from 1,400 square feet to 40,000 square feet. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

July 13, 2018

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