Built in two phases (1986 and 1997), the 224 unit property was built over 14.8 acres (density of 15 units to the acre). Units have large floor plans (833 sq ft weighed average).  The renovation included a modest Bascom interior upgrade as well as washer dryer hookup installation to 94 units. The property was sold in May 2008, XIRR yield of 53.2% and a 2.5 multiple on capital.

City
Salt Lake City, Utah
Units
224
Renovation Budget
$.9M ($4018/ unit)
Debt Partner

Prudential Mortgage Capital

Equity Partner

BlackRock Realty Advisors