SOUTH JORDAN, UTAH — TruAmerica Multifamily has entered Utah for the first time by purchasing the 315-unit Crossing at Daybreak apartment complex in South Jordan. The purchase price was not disclosed.
Crossing at Daybreak is located at 4950 W. Frogs Leap Drive. It was built in 2011. The community features a mix of one-, two- and three-bedroom apartment homes within the master-planned community of Daybreak.
The community is situated just 18 miles south of Salt Lake City. Common-area amenities include a resort-style pool, spa and cabana, resident lounge, game room, fitness center, and picnic and barbecue areas.
TruAmerica plans to invest up to $1 million into the property. This investment would go toward light unit interior enhancements, in-unit Wi-Fi, a dog wash station and upgraded landscaping.
TruAmerica also received a five-year, interest-only loan with a floating rate of 2.15 percent. The agency debt financing was arranged by Allan Freedman and Ed Zimbler of Berkadia.
The firm is currently expanding its holdings across the Western U.S. It has rapidly expanded its presence in Seattle, Denver and throughout California, with additional plans to acquire properties in Portland, Ore., and Las Vegas in the very near future, according to TruAmerica.
Campbell also notes Salt Lake City is one of the fastest-growing cities in the country, with an unemployment rate of 3 percent and 45,000 new jobs expected to be created by the end of 2016.