TruAmerica Buys Suburban Salt Lake City Value-Add Asset
First American Title Insurance Co. provided acquisition financing.
TruAmerica Multifamily has purchased The Falls at Canyon Rim, a 288-unit property in Ogden, Utah, expanding its portfolio in the state to four communities. Investors Capital Group was the seller, according to Yardi Matrix data.
Institutional Property Advisors, a division of Marcus & Millichap, represented the seller.
Planned renovations include improvements to apartment interiors, as well as to common areas, according to TruAmerica Director Wes LaBar.
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Built in 2001, the property spans more than 14 acres across 12 buildings, encompassing one- to three-bedroom floorplans ranging from 937 to 1,420 square feet. Select units feature quartz countertops and fireplaces.
Community amenities include an around-the-clock package locker, clubhouse, swimming pool, recreation room with billiards table, as well as a basketball court, to name a few.
Located at 6045 S. Ridgeline Drive, the community is less than 1 mile from U.S. Route 89 and some 4 miles from Interstate 84, while Salt Lake City is some 30 miles south. Several retail and dining options, as well as bus stops, are within walking distance.
The Hill Air Force Base, one of the largest employers in Utah, is some 11 miles from the community.
Institutional Property Advisors Senior Vice President Brock Zylstra and Senior Managing Director Daniel Shin represented Investors Capital Group in the sale.
TruAmerica’s value-add endeavors
Last year, TruAmerica obtained $300 million for the refinancing of five communities, with two of them slated for capital improvements—the 350-unit Slate Apartments in Savannah, Ga., delivered in 2009, and The Urban, a 435-unit Phoenix community that debuted in 2005.
A year prior, in 2022, the company purchased Edge at Brandon, a 372-unit, multi-phase community in Brandon, Fla., for $50.8 million. Banc of California originated a $51.5 million acquisition and redevelopment loan. TruAmerica’s overhaul plans focused on refurbishing unit interiors.
Salt Lake City’s multifamily transactional scene
Year-to-date as of April, investors traded more than 390 units in metro Salt Lake City, with the average price per unit standing north of $183,000, according to Yardi Matrix data.
In the first four months of 2023, more than 220 units changed hands in the market, with an average price per unit of more than $148,000, the same source shows.
