SLC Deal Indicative of Tertiary Market Strength
TruAmerica continues to expand with Salt Lake City multifamily purchase.
By Alex Girda, Associate Editor
Equus Capital Partners recently sold a Taylorsville, Utah residential asset to TruAmerica Multifamily. The deal was arranged by James Wadsworth and Greg Barratt of Berkadia’s Salt Lake City office. The buyer was provided acquisition financing by Managing Director Allan Freedman of Berkadia’s West Los Angeles office, who sourced the funds through the company’s Freddie Mac Program.
Berkadia arranged the seven-year loan at a 2.45 percent floating interest rate, and three years of interest-only payment followed by a 30-year amortization.
Located at 4770 South Simmental Drive, the 416-unit community offers residents an amenity package that includes heated swimming pools, two clubhouses, a hot tub, playground, fitness center with a weight room and two tennis courts. Known as Madison at Settler’s Point, the 29-year-old property is just one mile away from Salt Lake City Community College, and two miles away from Valley Fair Mall. Employers in the area include Discover Financial Services, American Express, Zions Bank and Utah Transit Authority.
According to James Wadsworth, the metro’s economy is prompting both ends of the investment spectrum to capitalize on opportunities. “We received 24 written offers, which is an indication of the strong buyer demand,” Wadsworth said in prepared remarks. Vacancy in the area is below five percent at the moment, while asking rents have also risen in 2015, and are now just $25 shy of the $1,000 mark.