211-Unit Affordable Community Opens in Utah
- Oct 22, 2018
Wasatch Premier Communities, a Wasatch Group entity, has completed construction on Arcadia Apartment Homes, a five-story affordable housing community in Sandy, Utah. According to Yardi Matrix data, the company used a $19.8 million loan originated by the Utah Housing Coalition to fund the construction of the 211-unit building. Wasatch also manages the property.
Located at 222 W. Harrison St., Arcadia provides easy access to Interstate 15, as well as several shops and restaurants. The asset features a mix of one-, two- and three-bedroom apartments, all equipped with hardwood-style flooring, black appliances, marble countertops, oversized closets, private patios or balconies. Amenities include:
- swimming pool
- fitness center
- covered parking
- controlled access
Based in Logan, Utah, Wasatch Premier Communities has previously completed 26 properties in the Salt Lake City area. Another eight development projects are currently underway.
According to the most recent Yardi Matrix multifamily market report, Salt Lake City continues to be attractive to multifamily developers. Boosted by a growing population and solid employment gains, the metro had roughly 8,600 units under construction as of June.
Image via Google Street View