Keller Investments Acquires Salt Lake City Community
Institutional Property Advisors coordinated financing for the purchase.
Keller Investments has purchased a multifamily property in the Salt Lake City suburb of Midvale, Utah. Dubbed North Union, the 223-unit asset was acquired from Rockworth Cos.
Anita Prayani-Rice with Institutional Property Advisors (IPA) arranged the three-year nonrecourse loan provided by a debt fund structured at 73 percent loan-to-cost. Senior Vice Presidents of Investments Danny Shin and Brock Zylstra represented the seller and procured the buyer.
Built in 2022, North Union is five stories and consists of studio, one-, two- and three-bedroom units. According to Yardi Matrix data, the community began leasing in July with a 12-unit absorption rate per month. Before July, 35 apartments were preleased.
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North Union has 7,455 square feet of ground floor retail and community amenities such as a bocce ball court, pool, fitness center and ski and bike repair center. Located 12 miles south of downtown Salt Lake City, Midvale is some 15 miles to four mountain resorts. A total of 33,000 residents occupy the area with 1,300 business.
The Salt Lake City job market has been rapidly increasing with more than 60,000 positions added in 2021. Unemployment is also dropping, drawing developers to the area following an influx of young career seekers. As of February, more than 14,000 apartments were under construction in the urban core of the metro.