Purchase of 160-unit Property Increases Buchanan’s Expanding Multifamily Investment Portfolio in Western U.S. Markets
Newport Beach, Calif. and Salt Lake City, Utah (April 02, 2018) – Buchanan Street Partners, a Newport Beach, California based real estate investment management firm, has acquired a 160-unit multifamily property in the Salt Lake City community of Cottonwood Heights, Utah from RK Properties for $31.75 million. The purchase follows Buchanan’s 2017 acquisition of another Salt Lake City area property, a 298-unit apartment project, and signals the company’s expanding value add investment strategy in the multifamily sector in the Western U.S.
“Salt Lake City is among the fastest growing regions in the nation with strong economic growth led by job gains in the technology, finance, healthcare and professional service sectors,” said Kevin Hampton, executive vice president at Buchanan Street Partners.
“Increases in the region’s economic activity and population continue to favorably impact the demand for multifamily housing, making this an attractive investment market for Buchanan Street,” added Hampton.
Buchanan Street’s value add strategy includes significantly upgrading the unit interiors, improvements to building exteriors and common areas and a rebranding campaign to reposition the project in the market.
Several aspects of the project appealed to Buchanan Street in making the investment, including spacious floor plans that average 1,029 square feet and ample green space in a landscaped, park-like setting. On-site amenities include a swimming pool and spa, clubhouse and fitness center.
The project is in the east side of metropolitan Salt Lake City, recently named a 2017 Top 10 Best Places to Live by U.S. News & World Report. The project features walkable access to neighborhood retail amenities and is proximate to Fashion Place Mall.
“This property has unmet potential to serve the housing needs of a highly educated workforce in a life-style market, which was a significant factor in our purchase,” added Hampton.
James Wadsworth, managing director at Berkadia, represented both Buchanan Street and RK Properties in the transaction.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested more than $6.5 billion in real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing capital preservation. www.www.buchananstreet.com.
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