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Gelt Not Salty at All on Salt Lake City

6 Jul 2015, 10:26 am

By Alex Girda, Associate Editor

Miller Estates and Layton Meadows, both multifamily properties located in the Salt Lake City area, have been added to an L.A.-based real estate investment and management company. Gelt paid a total of $67.5 million for the two communities, expanding its operations in the state with the 628 units.

The company made its first Salt Lake City purchase at the end of 2014, when it paid $25.5 million for the Murray Ridge Apartments. The recent acquisitions are consistent with the company’s strategy in 2015, as Gelt plans to invest a further $250 million in the growth of its real estate holdings across western United States. According to a press statement announcing the acquisition, the company’s plan is to amass a residential portfolio of around 3,000 units in the Salt Lake City market over the following years.

Miller Estates

Miller Estates

The 294-unit Miller Estates is located at 4929 S. Lake Pines Drive in Murray. The asset includes a man-made lake, staggered elevations throughout the grounds, as well as easy access to the nearby Van Winkle Expressway. The previous owner upgraded the property with a $4 million renovation, but Gelt is planning to further improve the community by adding a dog park, children’s play area, and bike room.

Layton Meadows

Layton Meadows

The second community acquired by Gelt is located in Layton, the largest city in Davis County. The fully occupied Layton Meadows is located at 540 W. 1425 N. The new owner already plans to carry out improvements to the property’s interior and exterior. The 334-unit garden-style community will have its leasing office remodeled, part of Gelt’s improvement process.

Utah Poised to Build on 2013′s $1.3B Commercial Investment

17 Jan 2014, 12:02 am

By Alex Girda, Associate Editor

For Salt Lake City, 2014 promises to be a strong year in both the commercial and residential real estate sectors. Should that success arrive, it will build on the solid foundation established last year.

According to the Salt Lake Tribune, Utah enjoyed its best investment market last year since before the recession. Commercial deal volume topped $1.3 billion, a total that would have been even higher had more properties been available.

Utah-based investors accounted for only one third of sales exceeding $10 million, signaling plentiful interest from outside the state. According to the Tribune,  those capital flows are likely to continue in 2014. The Wasatch Front’s residential market is igniting investment and development, too. In particular, Salt Lake City is considered one of the nation’s hottest residential markets.

Utah’s hospitality industry is also on the rise, as visitors from around the world flock to attractions ranging from national parks to Park City’s Sundance Film Festival. In a sign of the times, the Utah Office of Tourism reported that tourism generated a record $961 million in tax revenues in 2012, according to the Deseret News. When last year’s final numbers are in, those revenues seem all but certain to pass $1 billion for the first time.

Hilton Opens Home2 Suites Extended-Stay Hotel in South Jordan

1 Jan 2014, 9:22 pm

By Alex Girda, Associate Editor

As 2014 gets under way, Salt Lake City is gearing up for a good year. Multiple reports project continuing strength in the residential market, and the hospitality sector ended 2013 on a high note with the debut of Home2 Suites by Hilton Salt Lake City/South Jordan.

The 125-key extended-stay hotel is the 25th Home2 Suites in the United States and capped a year during which Hilton more than doubled the locations of the extended-stay brand and launched it internationally.

Located in the River Front Parkway Corporate Center at 10704 South River Front Parkway, South Jordan, the asset is owned by South Jordan Hotel Ownership, L.L.C. Syracuse, N.Y.-based Widewaters Hotels L.L.C. is the property’s manager.

The four-story hotel features a 24-hour business center, 1,300 square feet of meeting space, complimentary continental breakfast, an indoor saline pool, gas grills, combined laundry and fitness facilities, a market offering grab-and-go items, and a walking trail. Attractive shopping and dining options for business and leisure travelers are available nearby.

According to HotelNewsResource.com, the facility also participates in the Hilton HHonors program.

Image courtesy of home2suites3.hilton.com

Orem Approves Mixed-Use Plan for University Mall; State Weighs Relocating Utah State Prison in Draper

20 Dec 2013, 12:04 am

By Alex Girda, Associate Editor

The Orem City Council has approved Woodbury Corp.’s request to rezone University Mall to permit mixed-use development. KSL.com noted that 67 the 112 acres that comprise the site are used for surface parking.

To the 1.8 million-square-foot regional mall, Woodbury plans to add four office buildings, condominiums, apartments, townhomes, a hotel, seniors housing and a sports club. During the first phase, Woodbury plans an office building at University Parkway and State Street and apartments at 800 East. Also scheduled are extensive renovations University Mall itself.

As Salt Lake City’s office market stands poised for another outstanding year, policymakers are grappling with a perceived obstacle to growth. The Utah State Prison in Draper stands on a parcel that economic development officials believe could attract technology firms following in the footsteps of eBay, Adobe, DM Flash, Mircosoft, Oracle and others.

Eager to keep the trend going, the state is debating the pros and cons of a highly unusual move: relocating the prison and its 4,000 inmates, the Standard-Examiner reports.

Image courtesy of The Woodbury Corporation:woodburycorp.com

U. of Utah Breaks Ground on $30M Clinic, its 14th in Salt Lake Valley

6 Dec 2013, 10:43 pm

By Alex Girda, Associate Editor

A noticeable focus on education and healthcare has emerged this year in Greater Salt Lake City development. In the latest example, the University of Utah recently broke ground on Midvalley Health Center, a $30 million facility dedicated to dermatology and ophthalmology services.

The university paid $14 million for the project’s nine-acre site at 243 E. 6100 South, part of a $19.4 million allocation approved by the Board of Regents last year. According to The Salt Lake Tribune, the remaining funds were used to buy a site in Farmington where the university plans to build a multi-specialty clinic.

Scheduled to open in the spring of 2015, Midvalley Health Center will be the university’s 14th clinic in Salt Lake Valley. Its 81,000-square-foot footprint is designed to accommodate future growth.

Image courtesy of University of Utah Health Care Facebook Page at facebook.com/UofUHealthCare

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