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7/25/18
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A subsidiary of Alpha Wave Investors LLC has acquired Park Station Apartments, a 94-unit multifamily property in the Salt Lake City submarket of Midvale, UT. Constructed in 1974, Park Station Apartments is located at 7155 High Tech Dr. The property offers two-bedroom/one-bath floorplans and easy access to local employment and several entertainment and shopping options.
Overstock.com and ZAGG corporate headquarters are within one mile of Park Station Apartments, which is well-located off I-15 and adjacent to a TRAX light rail station, providing residents ease of access to employers throughout the metro area. In addition, major firms such as Adobe and eBay maintain a large regional presence in the area.
Alpha Wave plans to invest approximately $1.5 mil in capital improvements to the property, including the addition of a pool, fitness center, and leasing office. The company will also address deferred maintenance and renovate exteriors and interiors, including adding washers and dryers to each unit.
“There is a tremendous opportunity for value creation in this asset,” says Jordan Fisher, a Founding Partner of Alpha Wave. “The property was originally constructed with 96 units, but two were converted into a leasing office and laundry room. We will restore these to their original purpose as revenue-generating apartments and utilize the existing greenbelt in the center of the property to introduce new community amenities in a park-like setting.”
“The Salt Lake City region has experienced some of the highest rates of salary growth in the country over the past several years,” continues Fisher. “Utah is poised for significant future growth, with the state’s population expected to double by 2065, positioning multifamily investments for long-term success. Further, the market has long garnered a strong reputation for being business-friendly, consistently ranking within Forbes’ top three Best States for Business.”
Park Station Apartments was sold by a Northern California-based private investor in an off-market transaction. Brock Zylstra and Danny Shin of Marcus and Millichap represented both parties in the transaction. The price was not given out. David Walkin of Meridian Capital Group arranged acquisition financing, which was provided by Texas-based ReadyCap.
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