Utah

TruAmerica Buys Two Multifamily Communities in Salt Lake City

by Nellie Day October 30, 2015

SALT LAKE CITY — TruAmerica Multifamily has purchased two apartment communities in Salt Lake City for a total of $102 million. The acquisition includes the 486-unit Somerset Village Apartment Homes in West Valley City and the 440-unit Southwillow Apartments in West Jordan. Both properties were built in the mid-80s. They are located seven miles from one another on Redwood Road. Both assets are 99 percent leased. TruAmerica previously purchased the 315-unit Crossing at Daybreak in South Jordan for $46 million in September. The firm will invest an additional $8 million to reposition the newest two assets. James Wadsworth and Greg Barratt of Berkadia represented both the buyer and seller in this transaction.

October 30, 2015

Office Utah Western

DataMaster Buys Fairfield Crossing Building in Utah

by Nellie Day October 7, 2015

LAYTON, UTAH — DataMaster has acquired Fairfield Crossing Building, a 16,000-square-foot office building in Layton, for an undisclosed sum. The space was formerly a retail asset, but the real estate appraisal software company will house its sales and tech services at the property. It is situated just north of Salt Lake City. Chris Falk of Newmark Grubb ACRES represented DataMaster. Adam Hawkes of Mountain West Retail and Investment represented the undisclosed seller.

October 7, 2015

Loans Multifamily Seniors Housing Utah Western

RED Closes $11.1M Fannie Mae Refinance for MBK Community in Utah

by Nellie Day September 29, 2015

CLEARFIELD, UTAH — RED Mortgage Capital, the proprietary mortgage banking arm of RED Capital Group LLC, has closed an $11.1M Fannie Mae loan for MBK Senior Living to refinance Chancellor Gardens of Clearfield, an assisted living and memory care community in Clearfield about 25 miles north of Salt Lake City. Chancellor Gardens is a 130-unit community constructed in 1999 and expanded in 2009. Founded in 1986, MBK owns and operates 13 communities across California, Utah, Arizona, Colorado and Washington.

September 29, 2015

Office Utah Western

Utah State Office of Rehabilitation Renews its Lease at Price Human Services Building

by Nellie Day September 10, 2015

PRICE, UTAH — Utah State Office of Rehabilitation has renewed its lease at the Price Human Services Building. The 38,129-square-foot building is located at 475 West Price River Drive in Price. It is fully occupied by the State of Utah and currently houses three different agencies, including the Department of Human Services, the Department of Workforce Services and the Department of Rehabilitation Services. The lease will extend the office’s lease by five years. The landlord is Fairbridge Properties.

September 10, 2015

Multifamily Student Housing Utah Western

Dixie State in Utah to Break Ground on First Campus Housing in 50 Years

by Nellie Day August 17, 2015

ST. GEORGE, UTAH — Dixie State University will break ground this month on Campus View Suites, the university’s first student-housing complex on campus in nearly 50 years. The project will feature 350 beds and come online for the 2016-2017 school year. Suites at the 90,000-square-foot Campus View Suites will accommodate six students each and offer each student the option to share a bedroom with another student or have one to themselves. Each suite will include a living room space, larger kitchenette and eating space, and bathroom with sinks separate from shower/toilet rooms to alleviate congestion during heavy usage times. Additionally, the complex will include a large full kitchen, computer area and laundry room on each floor. The facility will also feature a multipurpose room, three activity/lounge areas, an exercise room and a conference room. Outdoor amenities will include volleyball courts, barbecue pits and grassy areas. Nisson Towers, built in 1968, was the last student housing complex added to campus and will remain operational after the opening of Campus View Suites. Method Studio Architects designed the project and Layton Construction will build it.

August 17, 2015

Retail Utah Western

New Starbucks Debuts Near Intermountain Medical Center in Murray

by Nellie Day August 3, 2015

MURRAY, UTAH — A new 5,000-square-foot Starbucks location has debuted in Murray. It is located at 5141 South State St. The building is situated across from Intermountain Medical Center. Wadsworth Development Group developed the center.

August 3, 2015

Retail Utah Western

Maverik Gas Station Opens in Logan

by Nellie Day July 15, 2015

LOGAN, UTAH – A Maverik gas station and convenience store has opened on a 1.1-acre pad in Logan. The new spot is located at 300 South Main Street. Maverik is currently expanding in Logan. It has also secured stadium naming rights for Utah State University. Maverik contains more than 270 locations across 10 Western states.

July 15, 2015

Multifamily Utah Western

Layton Meadows in Salt Lake City Changes Hands

by Nellie Day July 9, 2015

SALT LAKE CITY — Gelt has purchased the 334-unit Layton Meadows in Salt Lake City for an undisclosed sum. Layton Meadows is located at 540 W. 1425 N. in Layton, about 25 miles north of Downtown. It is fully leased. Gelt will conduct light exterior and interior renovations to the property. It will also remodel the leasing office.

July 9, 2015

Multifamily Utah Western

Gelt Buys Miller Estates in Salt Lake City

by Nellie Day July 8, 2015

SALT LAKE CITY — Gelt has purchased the 294-unit Miller Estates in Salt Lake City. Miller Estates is located at 4929 S. Lake Pines Drive in the Murray submarket, which is 10 miles south of Downtown Salt Lake City. It is currently 97 percent occupied. The community features a man-made lake and a historic house that serves as the leasing office. Although the previous ownership invested about $4 million in upgrades to the asset, Gelt is planning to further add value via significant capital improvements, which will include the addition of a dog park, children’s play area and bike room.

July 8, 2015

Multifamily Student Housing Utah Western

Homestead Development Partners Forms Joint Venture

by Nellie Day June 18, 2015

PARK CITY, UTAH — Homestead Development Partners has formed as a venture between Michael Augustine, Jared Miller, Evan Schwartz and Columbus Pacific Properties. The company’s focus is to develop high-caliber student housing communities nationwide and acquire assets through a value-add strategy. Target communities will be focused in tier-two and tier-three markets with a smaller emphasis on tier-one. HELIX Starkville, Homestead’s first development, is currently under construction at Mississippi State in Starkville, Mississippi. HELIX Starkville will be 258 units comprising 802 beds in one-, two-, and four-bedroom floor plans located across the street from campus. Leasing will begin fall 2015. Two additional Homestead developments are in the planning stages. The first is located at another southern university, while the second will be located in the northeast. Developments and value-add acquisitions will be acquired by Homestead Development Partners and managed by Homestead-U, an affiliated management company based in Columbus, Ohio.

June 18, 2015

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