Clear Capital Closes First Utah Acquisition
- Jul 08, 2021
ColRich Multifamily has sold Mountain View in West Valley City, Utah, to Clear Capital. The deal marks the buyer’s first acquisition in Utah.
According to Yardi Matrix data, the 96-unit property changed hands for $14.7 million. Prudential Financial provided an $11 million Freddie Mac acquisition loan, which is scheduled to mature in 2028.
Previously known as Peppertree Park, the community is located at 4656 S. 3860 W. and features six three-story buildings. Apartments consist of two-bedroom floorplans, averaging 955 square feet.
Completed in 1985, the community includes amenities such as a swimming pool, grilling stations, a playground and 110 parking spaces. Covered parking is available for an additional fee.
Located in the proximity of Bangerter Highway and interstates 15, 80 and 215, Mountain View is 12 miles south of downtown Salt Lake City and just 3 miles from the Fairbourne Station Business Park, an 8.5-acre mixed-use development. SLC International Airport is approximately 9 miles to the north. Major employers in the area include Oracle, Adobe and Microsoft.
Strong population growth
Institutional Property Advisors brokered the transaction on behalf of the seller and procured the buyer. The team included Senior Director Danny Shin and First Vice President Brock Zylstra.
Robust population growth coupled with low inventory is driving transaction activity in the market, according to Shin, who noted that the metro’s population expanded by more than 37,700 residents in 2020. The figure is three times the national growth rate.
Salt Lake City is positioned for a swift recovery, as multifamily fundamentals remain healthy, a recent Yardi Matrix multifamily report shows.
According to Zylstra, high single-family home prices have further bolstered demand for housing. He added that in-migration from the prime renter group underscored population growth in the metro.