Herriman, UT (November 10, 2021) – Buchanan Street Partners, a Newport Beach, California-based real estate investment firm, has sold a 298-unit, 2018 built, multifamily community in Herriman, Utah to a Southern California-based buyer.
Buchanan Street Partners initially purchased the partially completed development out of foreclosure in 2017 and later completed it in late 2018. The prior developer had run into significant cost overruns that resulted in the foreclosure of the asset.
The 298-unit community features 214 one-bedroom units and 84 two-bedroom units and was 96% occupied at the time of sale. It is located just 15 minutes from downtown Salt Lake City and has immediate access to retail, restaurants, and light rail transportation. The property offers best-in-class amenities including an upscale clubhouse, fitness centers, pool, and spa.
“Incline at Anthem was Buchanan Street Partners’ first age-restricted multifamily development. The successful execution of the development and sale of this asset exemplifies our ability to provide investors with unique investment opportunities in a competitive environment. This investment marks a milestone for BSP and truly embodies the results we strive to achieve for our investors” said Kevin Hampton, EVP for Buchanan Street Partners.
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 $7 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 maximize value while prioritizing capital preservation. www.buchananstreet.com.
