American Fork — After more than 70 years in the Washington, DC market, Aldon, a premier owner, manager, and developer of multifamily assets based in Bethesda, Maryland, continues its strategy to expand the firm’s geographic footprint from its home market with the purchase of Millpond Apartments. Salt Lake City-based Tablerock Capital sourced the acquisition and participated in the purchase of the multifamily community and Rockville, MD-based LGA Capital sourced the debt financing. 

Located at 79N. 1020 W. in American Fork, Utah, Millpond Apartments is located 30 miles south of Salt Lake City and 15 miles north of Provo in an emerging submarket often referred to as Silicon Slopes for its large and small technology companies that have moved into the area for access to a highly educated workforce and a favorable quality of life. 

“This acquisition represents a major milestone in our company’s expansion into the west,” says Todd Bowen, CEO for Aldon. “The Salt Lake City-Provo-Orem area continues to rank high as one of the strongest submarkets in the country with job and wage growth that far exceeds the national median — key indicators that make for attractive investment opportunities.”

Completed this past summer, Millpond Apartments sits on just over seven acres and includes 214 modern apartment homes in 12 three-story buildings. The community offers one, two, and three-bedroom floorplans with private, attached garages. Apartment homes feature 9-foot ceilings, stainless steel appliances, quartz countertops, wood floors, plush carpets, LED lighting, and soft-close cabinets. Community amenities include a clubhouse with a lounge, billiards, and foosball, a 24-hour state-of-the-art fitness center, a resort-style swimming pool, hot tub, and seating with fire pits. 

Aldon kicked off a strategy to expand its geographic footprint from its home market in late July 2021 with multifamily property acquisitions in Raleigh, North Carolina, Greenville, South Carolina, and San Antonio, Texas.  With the purchase of Millpond Apartments, the company has invested nearly $300 million and has added 1,147 apartments to its portfolio. 

“Over the last 90 days, we have seamlessly closed on four transactions,” Bowen continued. “This endeavor is a huge accomplishment for our company and a testament to the teamwork, vision, and hard work of our entire team.”