Salt Lake City— Berkadia today announced the sale of and financing secured for Seasons at Pebble Creek, a 300-unit garden-style multifamily property in Salt Lake City. Managing Director Greg Barratt of Berkadia’s Salt Lake City office together completed the sale on behalf of the seller, Utah-based Cruachan Capital. The deal closed on September 18.
Senior Director Michael Slovitt of Berkadia’s Chicago office secured $38.7 million in acquisition financing for the property on behalf of the buyer. The 12-year Freddie Mac loan features full-term interest-only.
“Despite the uncertainty felt around the pandemic, the Salt Lake City apartment market has seen rent collections at pre-COVID levels. In some submarkets we are even seeing rent growth,” said Barratt.
Located at 1616 W Snow Queen Place, Seasons at Pebble Creek features one-, two-, three- and four-bedroom floor plans with air conditioning, energy efficient appliances, walk-in closets, dishwashers and in-unit washers and dryers. Community amenities include a fitness center, two swimming pools, a playground, several outdoor grilling stations and a business center. Residents are afforded convenient access to Jordan Park, Sorenson Park, Glendale Golf Course and numerous shopping and dining options along Redwood Road.
Property photos available upon request.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.