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8/04/22
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DB Capital Management and equity partner Thrive FP have acquired Autumn Glen, a 100-unit apartment community in the Salt Lake City submarket of Taylorsville, UT. It is DB Capital’s fifth purchase in the Salt Lake City MSA over the past 24 months.
Located just 20 minutes from Downtown Salt Lake City at 5490 S. 3910 W., Autumn Glen is a 1980s-vintage asset featuring an almost 50/50 mix of one- and two-bedroom units housed in five three-story residential buildings. The apartment community offers quick access to numerous popular restaurants and retail locations as well as the area’s major employers, including nationally recognized companies such as Amazon, Adobe, Qualtrics, Overstock, and Zagg & Savage. It is also within 30 minutes of five of the most popular ski resorts in Utah.
DB Capital plans to upgrade the property with exterior and common area improvements that drive value for existing and future tenants. They also intend to renovate 100% of the apartment interiors with quartz countertops, new appliances including washer/dryer, new cabinet fronts and pulls, updated plumbing and lighting fixtures, vinyl plank flooring, and new carpet in the bedrooms.
“Autumn Glen represented an opportunity to acquire a well-maintained property with unrealized upside potential in a market with strong apartment fundamentals including an increasingly unaffordable single family home market,” said DB Capital Regional Vice President Darren Hulick. “When our renovation plan is complete, Autumn Glen will offer renters a high-quality living experience at a significant discount to new construction.”
Over the past year, single-family home values in the Salt Lake County market increased nearly 25% to a median price of $530,267, making homes less affordable for would-be home buyers and, in turn, making renting a more affordable option. Due to Taylorsville’s high demand, constructible land is limited and only two properties within a three-mile radius from Autumn Glen are planned.
Danny Shin and Brock Zylstra from IPA’s Salt Lake City office represented the seller in the transaction. Brian Eisendrath and Cameron Chalfant of IPA’s Capital Markets Team secured the debt financing.
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