HiCap Enters Utah Market With Salt Lake City Buy
- Aug 24, 2020
HiCap Management has acquired South Parc Townhomes, an 88-unit community in Salt Lake City. The off-market deal marks the entrance into the Utah market for the real estate firm, which is typically active in the Albuquerque area.
According to Yardi Matrix data, Larry H. Miller Real Estate sold the Class C asset. Berkadia Real Estate Advisors represented the buyer and CBRE Capital Markets provided acquisition financing.
Situated on 3.6 acres at 2248 S. 440 East, the community consists of 12 two-story buildings developed in 1972. The unit mix features two- and three-bedroom floorplans averaging 1,401 square feet. Amenities include a playground, laundry facilities and more than 150 parking spaces. The new owner intends to extensively rehabilitate the property. Upgrades include new building siding, parking lot, landscape and common area improvements, as well as complete interior unit renovations.
South Parc is some 4 miles southeast of downtown Salt Lake City, adjacent to the 500 East Light Rail TRAX Station. The 110-acre Sugar House Park is 3 miles east of the property.
Berkadia’s Greg Barratt negotiated on behalf of the buyer, while CBRE’s Ryan Jameson, Jesse Weber and Scott Williams arranged financing for the purchase. Weber and Williams were also instrumental in the $65 million acquisition financing for a 169-unit community in Los Angeles.