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New multifamily development in Salt Lake announced

Salt Lake City — Trez Capital announced the closing of financing to Zenith Development to fund the development of Lex Apartments, a 144-unit multifamily project. Zenith Development, a Salt Lake City real estate development firm, recently broke ground on the apartments kicking off the third phase of development as part of its 86+-acre master-planned community, Lexington Greens. Upon completion, Lexington Greens will have 192 single-family homes, 227 townhomes, and three market-rate apartment complexes with over 300 units total. Situated less than a mile from the downtown core of Tooele, Lexington Greens includes a number of community features including a 5-acre private park, walking and biking trails, dog parks, picnic areas, and playgrounds. The Lex Apartments will have its own private amenities with a pool/jacuzzi, private dog park, pickleball and sports court, and a beautiful community clubhouse. 

“We have financed other multi-family projects in the Salt Lake City area, but this is our first opportunity to work with Zenith Development,” says Jason Stowe, VP at Trez Capital. “I am excited to see this project come to fruition as a part of a larger master-planned development that will draw renters and homeowners alike complete with a full suite of amenities. The project’s location in the rapidly growing Tooele area is highly attractive to those who work in the Salt Lake City market due to the skyrocketing cost of living in the city center.”

“Over the past decade, Tooele County has seen enormous growth and housing supply has not been able to keep pace. We are fortunate to have the opportunity to develop Lexington Greens Community which will have over 630 dwellings and house thousands of people,” says Matt Smock, managing director at Zenith Development. “What’s great about Lexington Greens is the community offers a housing type for people of all ages, family status, and income. There are great options for first-time homebuyers, more affordable townhomes for smaller families and retirees, and the Lex Apartments and Lex Flats provide much-needed rental communities in the area.”

Located approximately 30 miles and 30 minutes from downtown Salt Lake City, Lex Apartments will offer several floorplans including one-, two-, and three-bedroom units ranging in size from 750 – 1,300 square feet. Every unit comes complete with washer/dryers, master suites with en suite bathrooms, walk-in closets, and balconies. Other interior finishes include high ceilings, stainless steel appliances, modern interior finishes, and smart home capabilities. Residents will have access to a variety of amenities including covered parking, a large clubhouse with full work-out facilities, pool, spa, changing rooms, grilling area, children’s play areas, private dog wash and dog park, offices, parcel package facility, media rooms and gathering areas complete with fire pits.

“The Lex Apartments is going to be quite the community,” said Adam Sapers, director at Zenith Development and project manager. “Three years of hard work on this development is finally coming to fruition. Construction is off to a fantastic start, and we hope to move initial residents in by the end of summer 2022.”  

JWZ Architects provided project design and Highmark Construction is serving as a general contractor. Rockworth Property Management will serve as property manager upon completion.

Zenith Development is involved in a number of other projects in the land development, residential and industrial space and is actively looking for other multi-family deals, land deals, and new investors. For more information on the Lex Apartments or other Zenith projects please contact Adam Sapers at 857.234.6875.

For more information about the financing of this deal, please contact Jason Stowe, VP at Trez Capital at 214.244.4314 or [email protected].

About Trez Capital

Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured, mortgage investment funds, syndication, and joint-ventures and provides property developers and owners with quick approvals on flexible short- to mid-term financing. 

With offices across North America, Trez Corporate Group has over $3.9* billion CAD in assets under management and has funded over 1,600 transactions totaling more than $13.5 billion CAD since inception. The Dallas office has funded more than $4 billion in loans. For more information, visit www.trezcapital.com. (*Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $2.7 billion Manager AUM (Trez Capital Fund Management Limited Partnership)).

About Zenith Development

Zenith Development is a privately owned, Utah-based full-service real estate development company that focuses on residential and commercial properties and targets assets in established communities with proven long-term demand drivers. Zenith’s investment strategy is to acquire, entitle, build, manage, and sell for cash flow and appreciation. Its mission is to create dynamic residential, multifamily, and mixed-use developments that provide positive fiscal impacts to neighborhood communities while utilizing designs to incorporate green building practices and sustainable materials.

Zenith’s executive group has over 80 years of combined experience in Utah real estate development, specializing in acquisition, land planning, entitlement, construction, operations, and sales and marketing. The Zenith core management team has sponsored on behalf of institutional and private investors, the investment, development, and management of over $4 billion in real estate assets.