North Salt Lake Community Acquired as Area Trends Upwards
- Aug 25, 2015
By Alex Girda, Associate Editor
As metro vacancy rates continue to drop, multifamily property owners in the Salt Lake City area are looking to cash in on their assets. Berkadia recently announced that it has completed the sale of a North Salt Lake property to a Danville, Calif.-based private buyer. James Wadsworth and Greg Barratt of the company’s Salt Lake City office handled the transaction on behalf of the seller, a private party from Newport Beach, Calif. Managing Director Clay Akiwenzie of Berkadia’s San Francisco office helped arrange the loan for the acquisition.
Located at 55 W Center St. in North Salt Lake, the community known as The Pointe offers 186 units. Some of the two-bedroom units feature a renovated interior, consisting of new appliances and updated kitchens, while patios or balconies are available to most units. Residents have access to a package that includes a swimming pool, sauna, spa, picnic area, laundry facility, gym and Wi-Fi enabled clubhouse. The Pointe also features covered parking for residents. At the time of the transaction, the community had a vacancy rate of three percent.
According to Wadsworth, investing in the area is a good idea: “the economy is strong with a low unemployment rate and strong job growth.” The metro’s current vacancy rate stands at around 4.3 percent. According to data from Yardi Matrix, two-bedroom/two bathroom units in the metro charge an average rent rate of $1,050.