As one of the best-performing metros in the country, Salt Lake City’s multifamily sector is booming. According to Yardi Matrix, with total transaction volume amounting to more than $444 million in the 12 months ending in June, Utah’s largest city is the scene of accelerated investment activity. Yardi Matrix lined up the most significant deals closed in the metro year-to-date, highlighting a trend of elevated investor interest in Salt Lake City’s most established submarkets.
10. Windsor Park
Located in Salt Lake City-Northwest, the 1986-built asset traded in March. Financial Attunement acquired the 60-unit property from Foam Street Investments for $6.7 million, or $111,563 per unit. Windsor Park’s occupancy rate increased to 93.3 percent as of June, up 160 basis points compared to January (91.7 percent).
9. City Garden
Lowe Property Group acquired the recently completed community from a private investor. The 61-unit property changed hands for $8.2 million, or $134,077 per unit. Delivered in 2017, City Garden is currently 90.2 percent occupied, with rental rates reaching an average of $1,062 in July. The property is in Salt Lake City’s OgdenClearfield submarket.
The 88-unit property was completed in two phases, in 1986 and 2002, in the city’s Midvale submarket. Kennedy Wilson paid $13 million, or $147,727 per unit when acquiring the asset from DiNapoli Capital Partners in early 2018. Creekview was 94.3 percent occupied as of June, while rental rates for one- and two-bedroom residences averaged $1,022.
7. Clover Creek
Situated in the Murray submarket, the community totals 186 units with one- and two-bedroom layouts. Aukum Group picked up the 1986-built property in January 2018 for $19.5 million, or $104,659 per unit. Freddie Mac financed the acquisition with a $14.6 million loan, scheduled to mature in February 2025.
6. Fox Creek
Hamilton Zanze & Co. sold the 186-unit Fox Creek to D&D Construction in March. The asset traded for $20.3 million, or $109,026 per unit. Completed in 1985, the community underwent a series of upgrades under previous ownership, including the addition of a fitness center and dog park. Rental rates at Fox Creek inched down to $885 in July, down $13 compared to January.
5. Pinnacle Fort Union
Constructed in 1996, the property first changed hands this year, when Buchanan Street Partners purchased Pinnacle Fort Union for $31.8 million, or $198,438 per unit, from RK Properties. Zions Bank provided $23 million in acquisition financing to facilitate the sale. The community features a combination of one- to three-bedroom residences, with rents averaging $1,334 as of July.
4. Seasons at Pebble Creek
The DiNapoli Capital Partners-owned asset comprises 300 residences, featuring one- to four-bedroom options. The new owner bought the community for $43.3 million, or $144,284 per unit. This is Hamilton Zanze & Co.’s second disposition on our list. Seasons at Pebble Creek was 94.3 percent occupied as of June, maintaining the same occupancy rate in the last six months.
3. Dry Creek at East Village
Another acquisition of DiNapoli Capital Partners, the purchase of Dry Creek at East Village, closed in March. Security National Real Estate sold the 2016-built asset for $49.7 million, or $176,208 per unit. Encompassing a mix of one- to three-bedroom units, the community is in the Sandy submarket. Rental rates at Dry Creek at East Village averaged $1,087 as of July.
2. Olympus at Daybreak
The community previously known as Crossing at Daybreak traded for $65.6 million, or $208,254 per unit, in February 2018. Olympus Property purchased the 315-unit asset from TruAmerica Multifamily and rebranded it as Olympus at Daybreak. The property is in South JordanHerriman, one of Salt Lake City’s most expensive areas, with rental rates averaging $1,285 in the submarket as of June.
1. Santa Fe
The biggest transaction on our list was Kennedy Wilson’s $79.5 million—or $161,585 per unit—purchase of Santa Fe, which is also the largest community to have traded in Salt Lake City year-to-date. DiNapoli Capital Partners sold the 492-unit property in January in a portfolio sale alongside Creekview Apartments. Kennedy Wilson secured $59.1 million in acquisition financing, originated by Fannie Mae.
Images courtesy of Yardi Matrix