REBusinessOnline

DB Capital Management Sells Edgewood Park Apartments in Salt Lake City for $15.5M

SALT LAKE CITY — Playa Vista, Calif.-based DB Capital Management has completed the disposition of Edgewood Park, a multifamily community located in Salt Lake City’s Cottonwood Heights submarket. A private investor acquired the property for $15.5 million.

The seller originally purchased the asset in September 2018 for $11 million and immediately implemented an interior and exterior renovation program that included quartz countertops, stainless steel appliances and vinyl-plank flooring, as well as an updated leasing office and pool area. Additionally, DB Capital enhanced the community amenities with a fire pit, barbecue area and dog park, as well as the addition of managed high-speed internet for the residents.

Greg Barratt of Berkadia represented the seller, while Greg Pavich of Colliers International represented the buyer in the deal.

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