Emerald Court is a 437 unit garden style apartment community, located minutes away from Salt Lake City CBD. Bascom Northwest leveraged its relationship to acquire this property off-market at a very favorable price. Bascom increased rents by taking advantage of the property location while addressing shortcomings in its performance by renovating interiors with higher-end appliances and finishes, completing cosmetic exterior renovations and installing an institutional quality management team. These efforts allowed Bascom improve occupancy, rental rates, and financial performance. The property’s total cost basis, with renovations, is only 44% of estimated replacement cost.

City
Salt Lake City, Utah
Units
437
Renovation Budget
$2.3M ($5,300/ unit)
Debt Partner

General Electric Capital

Equity Partner

Apollo Global Management