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

by Amy Works

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.

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