Peak Capital Buys Salt Lake City-Area Community
The firm secured a $32.5 million Freddie Mac loan for this acquisition.
The Wasatch Group has sold Crossroads Apartments, a 240-unit community in West Valley City, Utah, a Salt Lake City suburb.
Peak Capital Partners acquired the asset, financing the purchase with a $32.5 million Freddie Mac loan originated by Manufacturers and Traders Trust Co., according to Yardi Matrix information. That note matures in 2031.
Institutional Property Advisors brokered the deal and arranged the financing. The property previously traded in 2001 in a portfolio transaction that included two more communities, the same source shows.
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Completed in 1986, the garden-style property consists of 10 three-story buildings spread across almost 11 acres. The unit mix comprises one- and two-bedroom layouts, ranging between 710 and 840 square feet. Additionally, apartments feature private balconies or patios and walk-in closets.
Common-area amenities include a clubhouse, a basketball court, a fitness center, a swimming pool, a playground and laundry facilities. The property also has a barbecue grill and picnic area and multiple tennis courts.
Crossroads Apartments is at 2240 W. 3800 S., close to the Valley Fair Mall and Salt Lake’s Indoor Swap Meet shopping center. Downtown Salt Lake City is 9 miles northeast.
IPA Senior Vice President Brock Zylstra and Senior Managing Director Danny Shin represented the seller and procured the buyer. Executive Managing Director Brian Eisendrath, Senior Managing Director Cameron Chalfant and Managing Director Jake Vitta arranged the financing.
