Layton, Utah (June 29, 2018) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Twin Trees Apartments, a 43-unit multifamily community in Layton, Utah. 29SC plans to invest approximately $10,000 per unit in capital improvements, including upgraded countertops, cabinets, floors, appliances, lighting and fixtures. Exterior projects will include better landscaping, new heating and air conditioning units and curb appeal enhancements. The property is situated about 20 miles north of downtown Salt Lake and is alongside I-15.
“Twin Trees is an exciting first deal to establish 29th Street Capital’s presence in the Salt Lake area,” said McKay Winkel, Vice President of Acquisitions for Salt Lake City. “The submarket has tremendous population growth in addition to several other attractive metrics.”
Salt Lake City has recently earned excellent rankings in a number of areas. Wallethub ranked it #1 for the most job opportunities; The Urban Land Institute placed it as the #2 best location in the U.S. to buy multifamily real estate; Forbes calls it the #3 American city where employees are happiest.
Twin Trees Apartments is a block from Layton High School and is around the corner from a new retail center with a Gold’s Gym, Wells Fargo, WinCo Foods and H&R Block. It is also within walking distance of the Frontrunner transit rail station and the newly-constructed Intermountain Healthcare Hospital.
“The Layton submarket is poised for continued growth and improvement as the forward momentum of downtown Salt Lake City flows outward,” Winkel added. “We will execute 29SC’s business plan and offer the Layton submarket a higher-quality housing alternative.”
The transaction closed June 29. The sale price was not disclosed.
Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months 29th Street Capital has also acquired 16 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S.
29SC’s conventional multifamily portfolio currently consists of more than 7,500 units having acquired over 12,000 units across its 14 offices in the U.S. Investments typically require approximately $10 million to $100 million of total capital and involve the acquisition or recapitalization of individual real estate assets, portfolios or platforms.