Orion Enters Utah Market With Provo Purchase
- Jun 22, 2020
Orion Real Estate Partners has acquired Lookout Pointe Apartments, a 115-unit partially affordable community in Provo, Utah.
According to Yardi Matrix data, the seller was a private investor who had purchased the Class C asset in 2013. CBRE Multifamily Capital provided the buyer with a Freddie Mac loan for the current deal.
Located at 1200 Terrace Drive, Lookout Pointe came online in 1970 on almost 6 acres. The community encompasses a mix of studio, one- and two-bedroom floorplans averaging 602 square feet. Of the total, 41 units are affordable. Amenities include a heated swimming pool, pet park and covered parking. Orion intends to invest roughly $1.1 million in interior and exterior upgrades at the property, which is managed by Apartment Management Consultants.
Lookout Pointe marks Orion’s first Utah acquisition. The property is close to U.S. Route 89 and Interstate 15 within the Silicon Slopes tech hub, an area of steady activity in both investments and developments in recent months. One of the state’s largest universities, Brigham Young University, is less than 2 miles west.