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7/14/15
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CBRE Capital Markets’ Debt & Structured Finance team has arranged $51 mil in financing for Gelt Inc’s $67.5 mil purchase of a 628-unit apartment property portfolio within the greater Salt Lake City, as reported on RENTV last week. The two-property portfolio is comprised of Layton Meadows, a 334-unit property located at 540 West 1425 North in Layton, and Miller Estates, a 294-unit asset located at 4929 South Lake Pines Dr in Murray.
Both properties are located in dense, infill areas that are poised for population growth and as a result, increasing demand for rental housing over the next several years. Gelt, based out of Los Angeles, plans to add value to the assets by conducting capital improvements to both the interior units and common areas, as well as implementing an enhanced management program through community building and excellent customer service.
Layton Meadows is currently 100 percent occupied. The garden-style community is located by the intersection of Hill Field Rd and I-5, near a variety of shopping, restaurants, and entertainment destinations, as well as the Layton Hill Mall, with more than 120 retailers including Macy’s, Dick’s Sporting Goods, and Cinemark Tinseltown Theatre.
Miller Estates is currently 97 percent occupied. Features include a man-made lake, a historic house that serves as the leasing office, and staggered elevations throughout the property. The property is located 10 miles south of downtown Salt Lake City and has direct access to the Van Wrinkle Expressway and interstates 15 and 80.
Brian Eisendrath, Ross Moore and Brandon Smith of CBRE’s Beverly Hills office arranged the 10-year, fixed-rate Freddie Mac loans, which include five years of interest-only payments.
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