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| Twin Trees Apartments, Layton, Utah |
Layton, Utah – 29th Street
Capital (29SC), a privately-held real estate investment and advisory firm, has
acquired Twin Trees Apartments, a 43-unit multifamily community in Layton,
Utah.
29SC plans to invest approximately $10,000 per unit in capital
improvements, including upgraded countertops, cabinets, floors, appliances,
lighting and fixtures. Exterior projects will include better landscaping, new
heating and air conditioning units and curb appeal enhancements.
The property
is situated about 20 miles north of downtown Salt Lake and is alongside I-15.
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| McKay Winkel |
“Twin
Trees is an exciting first deal to establish 29th Street Capital’s presence in
the Salt Lake area,” said McKay Winkel, Vice President of Acquisitions for Salt
Lake City. “The submarket has tremendous population growth in addition to
several other attractive metrics.”
Salt Lake
City has recently earned excellent rankings in a number of areas.
Wallethub ranked it #1 for the most job opportunities; The Urban Land Institute placed it as the #2 best location in the U.S. to buy multifamily real estate; Forbes calls it the #3 American city where employees are happiest.
Wallethub ranked it #1 for the most job opportunities; The Urban Land Institute placed it as the #2 best location in the U.S. to buy multifamily real estate; Forbes calls it the #3 American city where employees are happiest.
“The
Layton submarket is poised for continued growth and improvement as the forward
momentum of downtown Salt Lake City flows outward,” Winkel added. “We will
execute 29SC’s business plan and offer the Layton submarket a higher-quality
housing alternative.”
The
transaction closed June 29. The sale price was not disclosed.
For
investment inquiries, contact:
Stan
Beraznik, Founder and Managing Principal at 29th Street Capital
415.643.6875
| sberaznik@29thstreetcapital.com
For more information, please contact:
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