Atlas, OpenPath JV Sells UT Apartments

The joint venture acquired the 144-unit community in Layton, Utah, in June 2013 and completed a value-add program. The asset was 99 percent occupied at the time of the sale.
Hidden Cove Apartments, Layton, Utah

Hidden Cove Apartments, Layton, Utah

Atlas Real Estate Partners and OpenPath Investments have sold Hidden Cove Apartments, a 144-unit garden-style community in Layton, Utah. The property is managed by Apartment Management Consultants LLC and was 99 percent occupied at the time of the sale.

Value-add program

The joint venture acquired the property located at 2075 N. Main St. in June 2013 in an off-market transaction and completed a value-add program. Community amenities include a swimming pool, heated spa, fitness center, barbecue area and clubhouse. The former owners also implemented a resident-driven community building program known as Urban Village. The asset was completed in 1997 and is close to retail amenities and Davis Hospital and Medical Center. The community is 27 miles from Salt Lake City via nearby Interstate 15.

Hidden Cove, Layton, Utah

Hidden Cove Apartments, Layton, Utah

“This was an excellent transaction for Atlas and its investors in that it showcased our value-add investment strategy of buying under-managed apartment communities located in growing submarkets. The favorable macro trends of the apartment market, combined with the growth of the greater Salt Lake market and our value-add expertise, enabled us to deliver superior risk-adjusted returns to our investors,” said Arvind Chary, Atlas managing principal, in prepared remarks.

Since its formation in 2009, Atlas has closed more than 40 acquisitions with a total portfolio of $750 million across product types and markets. OpenPath has owned 4,000 apartment units across six states.

Images courtesy of Atlas Real Estate Partners and Apartment Management Consultants LLC