Utah Market Heats Up with Three SLC-Area Properties Trading Hands
- Nov 20, 2015
Deals completed for Somerset Village and Southwillow Apartments, and The Village at Raintree, as well as financing for the latter were completed at the end of October with the participation of James Wadsworth and Greg Barratt of Berkadia‘s Salt Lake City office.
Clay Akiwenzie of the company’s San Francisco office also contributed to the sale and financing of The Village at Raintree. Berkadia arranged an acquisition loan that features a 76.4 percent loan-to-value ratio.
Somerset Village is located at 3810 South Redwood Road in West Valley City. The 1985-built community offers great proximity to the Salt Lake City Community College and the city’s downtown area, as well as American Express, Intermountain Medical Center, Discover Financial Services and UPS. Residents have access to an amenity package that includes a heated indoor pool, hot tub, basketball court, fitness center, clubhouse, tennis courts, dog park, play area, laundry facilities and controlled access.
Located at 6885 South Redwood Road in West Jordan, Southwillow Apartments offers a unit mix of one- and two-bedroom floorplans. The 440 units feature in-unit washers and dryers, patios or balconies, and fully equipped kitchens. Amenities include an outdoor swimming pool and deck, hot tub, indoor and outdoor basketball courts, fitness center, clubhouse, barbecue area, playground, and 24-hour laundry centers and reserved parking.
The Village at Raintree is a 152-unit residential asset in Salt Lake City. Financed and sold at the end of October, the property located at 870 North 900 West was built in 1984 and offers one- and two-bedroom apartments. Units offer washer and dryers, energy-efficient appliances, balconies or patios and walk-in closets. The property’s resident amenity package offers a swimming pool, hot tub, WiFi, laundry facility, gym, and covered parking. Located in the proximity of Vivint Smart Home Arena and downtown SLC.