Atlas Real Estate expands into Salt Lake City with acquisition of Black Aspen Property Management

Salt Lake City — Atlas Real Estate, a full-service real estate company specializing in investment brokerage, property management, and institutional acquisition, has acquired Black Aspen Management Corp., a property management company based in Holladay, UT, a suburb of Salt Lake City. Pursuant to the transaction, Atlas assumes full management of Black Aspen Management’s single-family rental (SFR) homes and apartments in the region. David Galant has been named senior property manager and will oversee operations in the Salt Lake City metro area. Renters and clients in the region gain access to a full suite of real estate services and local market expertise, including investment brokerage, property management, and institutional acquisition.

“We are excited to enter the Salt Lake City real estate market, and are looking forward to serving clients in this rapidly expanding metro area,” explains Vincent Deorio, Vice President of Corporate Development for Atlas Real Estate. “Our entrance in the region comes on the heels of our announcement to form a joint venture partnership with DivcoWest to acquire and renovate single-family rentals in the western region of the US.”

“In Utah and all of the regions Atlas serves, we are on a mission to ‘Uplift Humanity Through Real Estate’ by assisting first-time home buyers, providing educational resources to homeowners about saving for retirement, and building generational wealth through real estate investing,” Deorio adds. “With a booming economy, strong rental market, world-renowned entertainment options, and cultural experiences, as well as a low unemployment rate, the Wasatch Front is an ideal location to invest in single-family rentals.”

“Black Aspen Property Management has provided high-quality service to investors and residents in the community for 4 years, and we are poised to carry on that tradition under the Atlas Real Estate brand,” explains Galant. “We provide best in class property management services by focusing on preserving our client’s assets, ensuring a maximum return on their investment all while delivering an outstanding customer service experience to our residents.” 

Galant who is a licensed Real Estate Broker in the state of Utah and CPM candidate brings 14 years of experience in the real estate industry to his new post. Previously, he was a Regional Property Manager and Associate Real Estate Broker for Kier Management Corp. 

Salt Lake City’s Real Estate Market Continues to Soar

Salt Lake City has one of the strongest rental markets in the Mountain States, and continues to gain momentum as one of the strongest rental markets in the US. According to John Burns Real Estate Consulting, “rent growth has skyrocketed” in Salt Lake City to 4.8 percent in 2020, and is expected to remain range-bound between 4.2 percent and 4.4 percent through 2024. Last year, rent for a starter home averaged $1,700 a month. 

Currently, there are no taxes on rental income in Salt Lake City, property taxes are below average at 0.68 percent and the job growth rate was 2.8 percent during the pandemic. The median home price is currently $436,000 and prices have appreciated 10.4 percent over the past decade, according to Zillow. Median days on market is only 16. A total of 15,822 housing starts were added to the inventory in 2020, rivaling the number of new housing starts in the Denver metro area where there were 5,550 fewer starts during the same period. 

Since its inception in 2008, Atlas Real Estate has been recognized as a leader in the real estate industry. The Denver Business Journal honored Atlas as a Fast 50 Honoree, Bank of America named Atlas one of its Colorado Companies to Watch, and ColoradoBiz Magazine recognized the firm as one of the Best of Colorado Property Management and Best Residential Real Estate Agency of 2020.