Orion Real Estate Partners Acquires 144-Unit Salt Lake City Active Adult Community

Date:

Orion Real Estate Partners (“Orion”), based in Los Angeles, announced the acquisition of Lakeside Village, an active adult multifamily complex in Salt Lake City, Utah.

Lakeside Village stands on a 7.7-acre location with breathtaking views of the Wasatch Mountains and appealing features such as a clubhouse, community pond, resident garden, and outdoor swimming pool and spa.

Built in 1997, 100% of the units are in excellent shape, and the property will be renovated to improve the amenities and unit interiors.

The site was purchased by Orion in collaboration with Denver-based Headwaters Group and Atlanta-based Formation Development Group.

To provide best-in-class services to the community, the united team will bring together strong operational knowledge and experience in the active adult area.

This is Orion’s third acquisition in Utah and its 23rd overall since 2016, and the company is looking to expand its portfolio in Utah and other high-growth western states.

According to a CBRE study report, Salt Lake City is the country’s number one market, and it has exceeded the national average in both job and population growth, rising at more than twice the rate of the national average.

Through Fannie Mae, Orion obtained a fixed-rate loan from CBRE’s San Diego Capital Markets team.

Orion will work with AMC, a property management company based in Salt Lake City that presently maintains over 1,200 units for Orion.


Amazing Builder Partners



Alex Matthews
Alex Matthews
Alex is one of our editors based out of Atlanta. He provides building and construction industry updates across mid to South Atlantic U.S.

Popular

Share post:

More like this
Related

Westlake Royal Donates Siding, Trim to Accessible Home Remodel

Westlake Royal Building Products USA Inc. (Westlake Royal), a...

MoistureShield Expands Distribution

MoistureShield, an Oldcastle APG hallmark brand, is teaming up...

First Coastal Exteriors Joins Beacon

Beacon announced the completion of its acquisition of First...

Accoya USA sets ground on a new facility in Tennessee

Accoya USA LLC started work on its US production...

RoyOMartin invests $9.5M to modernize manufacturing facility in Louisiana

Martco, LLC, the parent company of RoyOMartin, a third-generation,...

TopBuild Corp. will purchase Specialized Products and Insulation

TopBuild Corp., an installer and specialist distributor of insulation...

R.P. Lumber Acquires the Sparta Facility of Wright Construction Supplies

Wright Building Center, a long-time industry presence in southern...

Single-family Starts Post Unexpected Gain in September

Despite high mortgage rates averaging more than 7%, single-family...

Consumers’ Confidence Stalled Despite Concerns about the Future

This pessimism was mostly caused by ongoing inflation, particularly...

Manion’s Wholesale joins Tando Composites in Expanding Distribution

Derby Building Products has announced that Manion's Wholesale Building...

Lugbill Supply Center celebrates grand reopening event

On September 23, Lugbill Supply Center in Archbold, Ohio,...

Boise Cascade expands its distribution network in two additional markets.

The Building Materials Distribution branch of Boise Cascade has...

Zillow Partners with Redfin for New Construction Listings

New-construction listings from Zillow Group will soon be automatically...

Mead Lumber Begins A Rebranding Initiative

Mead Lumber announced a rebranding project that includes a...

A Monthly Mortgage Payment of $3,000 has Become the Standard

In today's housing market, $3,000 monthly mortgage payments are...

JELD-WEN One of Newsweek’s Most Trustworthy Companies for 2023

For the second year in a row, JELD-WEN Holding,...