NEWS BRIEF: A 240-Unit Apartment Complex in West Valley City, Utah has Traded Hands in a $32.5 Million Deal Between Two Large Utah-based Investors
Provo, Utah-based Peak Capital Partners recently paid $32.5 million to acquire a 240-unit apartment complex in West Valley City, Utah from Logan, Utah-based The Wasatch Group.
According to REBusiness Online, the acquired apartment complex — Crossroads Apartments — was built in 1986 and sits on nearly 11 acres at 2240 West 3800 South in West Valley City.
Crossroads Apartments is comprised of 10 three-story buildings with a mixture of one- and two-bedroom apartments, with on-property laundry facilities, a pool, fitness center, a playground, and more.
According to the article, the transaction was funded with a Freddie Mac loan that via Manufacturers and Traders Trust Co. that matures in 2031.
The Peak Capital website says it is an owner-operator that focuses on investing in "... workforce and affordable housing within growth markets ..." with the expectation it will hold its portfolio properties for 15+ years.
Peak Capital further states on its website that during its 16 years in business it has owned over 58,000 units, with the map on its website showing current property ownership in 22 states within the Western, Midwest and Sunbelt regions of the United States.
Conversely, the Wasatch Group website says it has over $4.0 billion in Assets Under Management (AUM) today, with a portfolio that spans
- Real estate development,
- Commercial and retail development and management,
- Multi-family development and management,
- Technology,
- Venture capital, and
- Consumer products.
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