Brinkman Real Estate Ogden acquisition announced
Ogden— Denver-based real estate investment company, Brinkman Real Estate, is committed to scaling up in high-growth markets in Utah and Ogden is their latest portfolio addition. The company has been expanding their investment footprint throughout the Intermountain West in recent years and the closing of Chloe’s Pointe in Ogden, UT, marks its second in the state. The company’s first acquisition in Utah was Eversage Apartments, located hour-and-a-half south of Chloe’s Pointe in Payson, UT. The company acquired Eversage in May 2020.
Chloe’s Pointe represents the company’s third acquisition in as many months, bringing their year-to-date investment volume to nearly $70 million, trending above last year’s total of $160 million.
Brett Silverstein, Chief Acquisitions Officer for Brinkman Real Estate, says Ogden meets all the criteria they’ve identified for multifamily investments. “With strong population and job growth, in addition to great quality-of-life, Ogden is an ideal multifamily market to scale up in.”
Chloe’s Pointe is a 2021 vintage, 114-unit multifamily community situated in downtown Ogden just off Interstate 15, providing easy access to Salk Lake City. With recent population growth, the market conditions are favorable for investment including vacancy rates hovering at 5% and elevated housing prices pushing demand for rental supply.
Bridge loan financing with ACRES Capital was arranged by Brady O’Donnell, Jeff Halsey, Jill Haug, and Alex Scott with CBRE Capital Markets’ Debt and Structured Finance group in Denver.
The seller was represented by James and Andrew Wadsworth with Wadsworth Multifamily in Salt Lake City.
This acquisition fits the profile of Brinkman Real Estate’s portfolio comprised of core-plus and value-add assets in markets with outsized population and job growth trends. The company executed on nearly $160 million in transaction volume in 2021, rising as one of the most active buyers in several markets.
“We’re thrilled to invest in the Ogden community,” notes Kevin Brinkman, co-founder, and CEO of Brinkman Real Estate. “Our hope is to continue identifying assets in this market and grow our footprint.”
Brinkman’s portfolio includes more than $550 million in investment volume with zero losses. Their portfolio includes a diversity in assets from multifamily, mixed-use, office, hospitality, and retail.
About Brinkman Real Estate
Brinkman Real Estate provides strategic insight and access to property investment opportunities throughout the Intermountain West. Brinkman’s investment portfolio includes diverse assets from multi-family, mixed-use, office, hospitality and retail. The company is a certified B Corp and has received such industry honors as NAIOP Deal of the Year Finalist, NAIOP Innovative Project of the Year Finalist, and Governor’s Award for Downtown Excellence.