AIG, Redhill Realty Buy Salt Lake City Community

River Oaks Apartments & Suites. Image courtesy of Greystar Real Estate Partners

AIG Global Real Estate and RedHill Realty Investors formed a strategic joint venture to acquire the six-building River Oaks Apartments & Suites in a suburb of Salt Lake City. The multifamily property is in the Salt Lake Valley in West Jordan, the third largest city in Utah.

The 180-unit River Oaks Apartments & Suites, located at 9035 S. 1075 West St., offers one- and two-bedroom units, ranging from 670 square feet to 980 square feet. The property was constructed in 1999 on 7.3 acres of land and comprises five three-story buildings with rental apartments and one four-story building with extended-stay suites.

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Apartment amenities at the property include controlled access, semi-private entry, above-standard ceiling heights, vaulted ceilings, washers/dryers, microwaves, private balconies or patios and fireplaces in select top-floor units. Residents have access to conveniences that include a fitness center, a business center, a clubhouse, a playground and a swimming pool. River Oaks Apartments & Suites has 380 parking spaces, with covered parking available for a fee.

AIG Global Real Estate and RedHill Realty Investors noted they intend on converting the extended-stay units to traditional market rentals to lower structural vacancy and expenses. They also plan on renovating a portion of the existing classic units, common areas and amenity spaces.

Residents of River Oaks Apartments & Suites are close to the Jordan River Trail and River Oaks Golf Course and driving range. The property offers access to I-15 and Bangerter Highway, providing a 15-minute commute to downtown Salt Lake City and a variety of shopping, dining and entertainment options.