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

Consumers’ Confidence Stalled Despite Concerns about the Future

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

The MITER Foundation raises over $4M for charity

In late September and early October, the MITER Foundation,...

Northern Tool + Equipment opens new store in Bossier City

Northern Tool + Equipment announced the opening of a...

Builders’ General Supply Company’s Jimmy Porcelli retires after 45 years

After 45 years of service, James "Jimmy" Porcelli retired...

Hillhouse Condos Announces the Pre-sale of Luxury Units on Lake Tuscaloosa, with a July 2024 Completion Date

Hillhouse Condos is excited to announce the pre-sale of...

Beacon Opens New Location in West Bend, Wisconsin

Beacon has launched a new branch in West Bend,...

NAR: Existing home sales increased in January 2024

Following a cycle low in December, existing house sales...

Rental Focus in Multifamily Development Shows Slight Decline

According to NAHB's study of quarterly Census data, the...

Existing Home Sales Plunge to 13-Year Low as Mortgage Rates Surge

According to the National Association of Realtors, existing home...

Thermal Tech, Inc. Acquired by ABC Supply

Thermal Tech, Inc., a siding distribution company in Kalispell,...

Missing Middle Construction Stalled Since Great Recession

The missing middle construction sector comprises the development of...

Beacon adds two more locations in Texas

Beacon has expanded its operations across Texas to 32...

Inflation Remains High as Housing Costs Continue to Rise

Despite a slowing in year-over-year growth, shelter costs continue...

Sherwin-Williams Introduces Anthology for Colormix Forecast 2024

Sherwin-Williams has launched a new biannual approach to the...

Lugbill Supply Center celebrates grand reopening event

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

RoyOMartin invests $9.5M to modernize manufacturing facility in Louisiana

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