Summit Capital Venture Group acquires prominent mixed-use property
Salt Lake City — Summit Capital Venture Group, a commercial real estate developer and investor based in Colorado, in a joint venture with Anthem Capital, a multifamily investment company based in Oklahoma, today announced the firm recently acquired an approximately 163,000-square-foot mixed-use property located at 1810 Main St. in Salt Lake City for nearly $32.3 million. The property includes 174 apartment units and local favorite, Penny Ann’s Café.
“Marking our first acquisition in Salt Lake City, we are proud to continue the tradition of Penny Ann’s Café while creating a true sense of place within this multifamily asset to enhance the vibrancy of downtown,” says Jason Marcotte, a founding partner at Summit Capital Venture Group. “We are excited to continue identifying new acquisition opportunities in this market, among others, to build a versatile, high-performing portfolio.”
Multiple improvements will be made to the property, including a renovation of the common areas and individual units. Penny Ann’s Café, which first opened its doors in 2011, will remain in business and not be affected by the property changing hands.
The property was sold by Laguna Point. The transaction was brokered by Greg Barratt of Berkadia.
For more information about Summit Capital Venture Group, visit https://summitcvg.com/.
For more information about Anthem Capital, visit https://anthemcp.com.
About Summit Capital Venture Group
Summit Capital Venture Group is committed to maximizing investor and stakeholder value through best-in-class placemaking. Our approach to capital management provides first-rate opportunities for investors, while also benefiting communities and society through the creation of desirable and accessible real estate. Building on unique skills and experience, along with a genuine desire to add value for all stakeholders, our team is the driving force behind our success and shared future. For more information, visit summitcvg.com.
Anthem Capital is a real estate investment and asset management firm that specializes in the multifamily sector. We acquire, improve and operate multifamily real estate in growth markets throughout Oklahoma, Texas, and Kansas, on behalf of our institutional partners, private investors, and our own principals. We offer a vertically integrated platform with operation teams in each of the market areas we serve. This “boots on the ground” local approach creates unparalleled market intelligence that endures throughout the entire investment process – from asset identification and acquisition through operations and eventual disposition. For more information, visit anthemcp.com.