Artemis JV Lands $68M for Metro Salt Lake City Buy
Berkadia arranged the financing.
A joint venture of Artemis Real Estate Partners and Preserve Partners has purchased Enclave at Redwood, a 486-unit community in West Valley City, Utah. Berkadia secured a $67.8 million Freddie Mac acquisition loan on behalf of the buyer.
The previous owner was TruAmerica Multifamily, according to Yardi Matrix. It bought the asset in 2015 in a $102 million portfolio deal.
Enclave at Redwood is a 27-acre property comprising 10 two-story buildings. The units have one- to three-bedroom layouts ranging from 720 to 1,500 square feet. Amenities include a swimming pool, sundeck, basketball court, outdoor lounge with fire pit, pet grooming station and park and grade-level parking with 586 spots. The new owner plans to upgrade the amenity package.
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The property is at 3810 S Redwood Road, near Interstate 215. Murray Central Station is some 4 miles away, which connects West Valley City to Salt Lake City, less than 9 miles north, through the Blue and Red Lines and the FrontRunner. The eateries, schools and retail options in the area are within 3 miles.
Last month, Berkadia arranged another loan in the Southwest, on behalf of Parse Capital. The latter invested in Casona, a 305-unit development in Grand Prairie, Texas, expected to come online in 2027.
