Orion Real Estate Expands With Salt Lake City Acquisition
Institutional Property Advisors represented the seller and procured the buyer.
Orion Real Estate Partners has acquired Meridian Heights, a 96-unit senior housing community in Sandy, Utah, in the Salt Lake City area. Tablerock Capital sold the property.
Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.
In 2022, the asset became subject to a $4.5 million CMBS loan from Citibank, originated by Berkadia Commercial Mortgage, according to Yardi Matrix data. The note carries a 2029 maturity term and a 5.95 percent fixed interest rate. Meridian Heights last traded in 2019 for $11 million, the same source shows.
Completed in 1998, the property comprises one- and two-bedroom floorplans ranging from 838 to 1,004 square feet. All residences are reserved for seniors aged 55 and over. Common-area amenities include a swimming pool, a fitness room, laundry facilities, a clubhouse, as well as disability access.
Located at 8804 S. State St., Meridian Heights is roughly 13 miles from Salt Lake City. It is also some 8 miles from the South Valley Regional Airport and within walking distance of the Sandy light rail station.
IPA Senior Managing Director Danny Shing, along with Senior Vice President Brock Zylstra represented the seller in the transaction. Zylstra commented in prepared remarks that new job opportunities contribute to population growth in the Salt Lake City area, where increased homeownership costs boost multifamily demand.
Salt Lake City multifamily sales slow to a near halt
With a focus on value-add acquisitions, Orion Real Estate Partners owns more than 2,400 units across nearly 20 properties, according to Yardi Matrix data. Last year, the firm teamed up with Headwaters Group and Formation Development Group to further expand its Utah portfolio with the acquisition of a 144-unit senior living property.
Throughout 2023, only seven multifamily sales were recorded in the Salt Lake City market. The assets totaling 1,033 units traded for nearly $192 million, Yardi Matrix data shows. These figures represent a significant drop from the previous year, when nearly 6,000 apartments traded for a combined $1.2 billion.
