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May 20, 2024
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DB Capital Management Closes on 71-Unit Res Buy in Salt Lake City


In a recent Salt Lake City multifamily buy, DB Capital Management acquired Marmalade Hill, a 71-unit apartment complex in the city’s downtown, for $18.6 mil ($262k/unit). The property was 96% occupied at the time of closing.

Located less than a block from U.S. 89 and a mile from Interstate 15, Marmalade Hill offers easy access to all of Downtown Salt Lake City’s important employment hubs and is within walking distance to the state capitol. The apartment complex is also close to entertainment and recreational areas such as Vivint Arena, mixed-use developments City Creek Center and The Gateway, and City Creek Canyon. Marmalade Hill also is within 30 minutes of five of the most popular ski resorts in Utah.

DB Capital plans an 18-month renovation program that includes updates to unit interiors, exterior and amenities, as well as the resolution of all deferred maintenance at Marmalade Hill, which was built in 1953 and later added onto in 1972. Interior improvements will include quartz countertops in kitchen and bathrooms, vinyl plank flooring and new carpet, new appliance packages including washers and dryers, new paint, modern plumbing and lighting fixtures throughout, and new bathroom accessories. Exterior and common area renovations will include new paint, the addition of a built-in BBQ/courtyard area, the conversion of a laundry room into a leasing office and landscaping upgrades.

“Salt Lake City continues to be one of the top performing markets in the nation in terms of population growth and unemployment, which combined with a youthful demographic in its prime renting years and relative affordability, drives the Salt Lake City multifamily market into the upper echelon in the U.S.,” said Darren Hulick, Regional Vice President in charge of overseeing DB Capital’s market presence in Salt Lake City and Denver.

DB Capital was represented in the acquisition by Brock Zylstra and Danny Shin of Institutional Property Advisors.

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