Orion Real Estate Partners acquires 144-unit active adult community in Salt Lake City
Los Angeles-based Orion Real Estate Partners (“Orion”) announced today that it has acquired Lakeside Village, an active adult multifamily community in Salt Lake City, Utah. Lakeside Village enjoys picturesque views of the Wasatch Mountains and sits on a 7.7-acre site with desirable amenities including a clubhouse, community pond, resident garden and outdoor swimming pool and spa. Built in 1997, 100% of units are in classic condition and the property will undergo renovations to improve the property’s amenities and unit interiors.
Orion acquired the property in partnership with Denver-based Headwaters Group and Atlanta-based Formation Development Group. The combined team will bring together deep operational knowledge and experience within the active adult space to deliver best in class services for the community.
This marks Orion’s third acquisition in Utah and 23rd deal overall since 2016, and the firm is focused on expanding its portfolio in Utah and other high growth western states. Salt Lake City was recently ranked as the #1 market in the country according to a CBRE research report and has outpaced the national average in both job and population growth, growing at over two times the rate according to data from the US Census Bureau. Orion secured a fixed rate loan from CBRE’s San Diego Capital Markets team through Fannie Mae. Orion will utilize Salt Lake City-based property management company AMC, which currently manages over 1,200 units for Orion.
About Orion Real Estate Partners: Orion Real Estate Partners is a private real estate investment firm that targets value-add multifamily assets in western US markets with strong demographics and job growth. Utilizing proven institutional processes to source and manage investments, the firm identifies assets with capital and operational repositioning opportunities to provide attractive returns for its investors.
Orion, together with its affiliates, has acquired 2,848 units since 2016 and currently owns 2,511 units in Colorado, Texas, Utah and California. For more information, please visit: http://orionrep.com/