![]() This acquisition fits the profile of Brinkman Real Estate’s portfolio comprised of core-plus and value-add assets in markets with outsized population and job growth trends. “We plan on continuing the pace we set this year and identifying markets like Midvale with key fundamentals of multifamily investment.” “Multifamily in the Intermountain West continues to be a strong asset class,” said Brinkman Real Estate’s CEO, Kevin Brinkman. Additionally, housing prices have grown nearly 30% in Salt Lake County, further pushing demand for rental supply.īrinkman Real Estate intends on applying enhanced property management, as well as focusing on upgrading the common areas and leasing office and adding wayfinding signage to drive traffic to the asset. With population growth over 25%, household incomes 20% higher than the national median, and strong employment drivers with nearly 200,000 jobs within a five-mile radius of the property, the market conditions are favorable for investment. The property is situated in Midvale just off Interstate 15, providing easy access to Salt Lake City and surrounding areas. The brand-new community features spacious one- and two-bedroom layouts with in-unit laundry, stainless steel appliances, walk-in closets, and balconies. Onyx is a 48-unit apartment complex that was completed in 2021. “We’re excited to keep our eye on deals in this area and become further embedded in these thriving communities.” “We’re already seeing success at our other assets in the Salt Lake MSA,” reported Chief Acquisitions Officer Brett Silverstein. The seller, Mercatus Partners, was represented by James and Andrew Wadsworth of Wadsworth Multifamily. Brinkman assumed an in-place Fannie Mae loan at a very attractive 3.12% interest rate featuring nearly 10 years of interest only. This marks Brinkman’s third acquisition in the Salt Lake City MSA.īrinkman’s capital markets and legal teams led the loan assumption process, allowing Brinkman to execute on an attractive financing strategy. The class A, boutique community features 48 luxury apartments, adding to Brinkman’s growing mountain states portfolio of more than 1,200 units. Brinkman Real Estate partnered with Nella Invest to acquire Onyx Apartments located in Midvale, UT last week.
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