SALT LAKE CITY — TruAmerica Multifamily, in a joint venture with an institutional partner, has purchased Country Lake, a multifamily property located in Salt Lake City’s Silicon Slopes submarket. An undisclosed seller sold the asset for $45.7 million. This acquisition increases TruAmerica’s holdings in the market to 1,595 units.
Built in 1973, Country Lake features 253 apartments in a mix of one- and two-bedroom layouts. On-site community amenities include a pool, clubhouse with Wi-Fi access, central garden, outdoor barbecue area, dog park, tennis court and a playground.
TruAmerica plans to implement a capital improvement program, including upgrading apartment interiors, renovating all community amenities such as the fitness center, and refreshing exteriors and landscaping.
Steve Gebing, Cliff Davis, Danny Smith and Brock Zylstra of Institutional Property Advisors brokered the transaction.