Su Casa Investments and Apartment Capital Management Announce Acquisition of Apartment Units in Salt Lake City

San Francisco, CA—Su Casa Investments, of Ross, California and Apartment Capital Management (ACM), of San Francisco, California, announced on November 12, 2009, the acquisition of Liberty Heights Apartments, a 104–unit apartment complex in Sandy, Utah.

Built in 1993, Liberty Heights is a good mix of one–, two– and three–bedroom apartment units. Units feature garages and spectacular views of the Wasatch and Oquirrh Mountains, respectively. Liberty Heights is located on 1300 East, a major arterial thoroughfare near I–15 and I–215. The property is also within walking distance of both businesses and shopping.

According to ACM’s Tim Scherer, “Liberty Heights will provide solid current cash flow.”

Peter Slaugh, of Su Casa Properties, said the partnership originated a 10–year Fannie Mae loan with five years of interest–only payments; Slaugh has retained ACM, a third–party management company based in Salt Lake City.

The acquisition marks the second venture between Apartment Capital Management and Su Casa Investments, the first being their acquisition of the 80–unit Mulberry Park Townhomes in April. Apartment Capital Management intends to acquire several other apartment properties of similar size in the Western U.S. in the near–term. Su Casa Investments already owns a number of properties in the region.

About Su Casa Properties

San Francisco-based Su Casa Investments, a subsidiary of Su Casa Properties, LLC acquires and repositions multi–family apartments in targeted markets throughout the Western states. SCI has invested in a series of multi-family projects incorporating “value-added” renovations to reposition the assets and stabilize cash flow. Investors in SCP include nationally credentialed investors, first–time investors, high–net–worth individuals, and institutional funds.

Su Casa Investments Acquires Mulberry Park Apartments in Salt Lake City, Utah

Salt Lake City, UT—Su Casa Investments, LLC (SCI) announced the acquisition of Mulberry Park Apartments, an 80–unit apartment complex in Taylorsville, Utah, in partnership with Apartment Capital Management, LLC (AMC).

The partnership assumed an existing Freddie Mac loan with interest–only payments for the remaining nine years. “We acquired solid existing cash flow and have reserved for additional renovation to all interiors, as the market permits,” said Tim Scherer, Managing Member of Apartment Capital Management. Scherer added, “With so few three–bedroom units in the Salt Lake market, the property has been performing well.”

Mulberry Park Apartments is SCI’s sixth investment in the Utah market. All of SCI’s assets are managed by AMC, who manages 9,500 units throughout Greater Salt Lake City.

The property is located in an upscale neighborhood of Taylorsville, a suburb of Salt Lake City. Mulberry Park consists of 80 three–bedroom, two–bath apartment units with an average size of 1241 sq. ft.

The attractive cost basis, favorable location and strong market demand make this an exceptional addition to SCI’s existing investments.

About Su Casa Properties

San Francisco–based Su Casa Properties, LLC acquires and repositions multi–family apartments in targeted markets throughout the Western states. SCI has invested in a series of multi–family projects incorporating “value–added” renovations to reposition the assets and stabilize cash flow. Investors in SCI include nationally–credentialed investors, first–time investors, high–net–worth individuals, and institutional funds.

Su Casa Investments Acquires Lookout Pointe Apartments in Provo, UT

Provo, UT—Su Casa Investments, LLC (SCI) announced the acquisition of Lookout Pointe Apartments, a 115–unit complex located at 1200 N. Terrace Drive in Provo, Utah, in an “off–market” deal.

Lookout Pointe Apartments is SCI’s fifth investment in the Utah market; Apartment Capital Management (ACM), who manages all of SCI’s assets, manages 9,500 units in Greater Salt Lake City. SCI will leverage AMC’s management platform to oversee renovations as well as manage this asset to a stabilized level.

The property is located in a mature, upscale, built–up neighborhood of Provo, UT—less than one–half mile from the BYU campus and downtown Provo, and within a few miles of I–25. Lookout Pointe consists of one building with varying–sized floor plans, ranging from studios to two–bedroom units.

The attractive cost basis, favorable unit mix, strong market fundamentals and value–added potential make this an exceptional addition to SCI’s existing investments.

SCI plans to conduct a modest renovation of the property with new kitchen and bathroom packages, plus new paint and the installation of new carpeting. Exterior renovations will include: the re–striping and sealing of asphalt parking areas; create/improve playground amenities; upgrade the BBQ area; repair steps/risers and fascia; as well as new signage and landscaping.

Provo is a thriving business community with long–term employment stability and a high quality–of–life metric on Kiplinger’s Personal Finance Magazine’s 2008 list of “10 Great Places to Live, Work and Play.” Population and job growth continue to rise while rental units in this market are undersupplied, resulting in low vacancies and increasing rental rates.

About Su Casa Properties

San Francisco–based Su Casa Properties, LLC acquires and repositions multi–family apartments in targeted markets throughout the Western states. SCI has invested in a series of multi–family projects incorporating “value–added” renovations to reposition the assets and stabilize cash flow. Investors in SCI include nationally–credentialed investors, first–time investors, high–net–worth individuals, and institutional funds.

Su Casa Recycles

We are serious about reducing our footprint on the environment. By choosing to recycle the carpeting in our apartments, we are diverting over six tons of carpet from landfills per year, on average.

Additionally, as a triple bottom line company, environmental responsibility is a crucial part of our holistic–investment approach. Today, every Urban Village incorporates a number of sustainable practices into the daily lives of both residents and property, including:

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Su Casa Properties and NBS Real Estate Capital Acquire $4.8M Apartment Complex

Murray, UT—Su Casa Investments, LLC, a subsidiary of Su Casa Properties, announced the acquisition of the LeMans Apartments, an 83–unit project located at 945 East 4500 South in Salt Lake City, Utah, for $4,875,000. The investment was a joint venture between NBS Real Estate Capital and Peter Slaugh, General Partner and Managing Member of Su Casa Properties.

Su Casa Properties acquires and repositions multi–family apartments in markets in the Western States. Mr. Slaugh is an experienced real estate investor and mortgage banker based in San Francisco, CA. This latest acquisition represents the 31st transaction completed by NBS Real Estate Capital on behalf of the Morrison Street series of private equity funds.

The attractive cost basis, favorable unit mix, strong market fundamentals and value–added potential make this an excellent addition to both Su Casa Investments’s existing portfolio and the Morrison Street Fund II, L.P.

The partnership’s renovation program will include substantial upgrades to the exterior appearance of the property in the form of architectural treatments and repainting as well as improvements to landscaping, signage and lighting. Interior improvements will include new appliances, flooring, new paint, new lighting, cabinet faces and countertops.

Salt Lake City remains one of the more dynamic economies in the country, fueled by continued population and job growth. Rental units in the property’s market area are undersupplied, resulting in low vacancies and increasing rental rates.

About Su Casa Properties

San Francisco–based Su Casa Properties, LLC acquires and repositions multi–family apartments in targeted markets throughout the Western states. Su Casa Properties has invested in a series of multi–family projects incorporating “value–added” renovations to reposition the assets and stabilize cash flow. Investors in Su Casa Properties include nationally–credentialed investors, first–time investors, high–net–worth individuals, and institutional funds.

About NBS Real Estate Capital

NBS Real Estate Capital is a Portland–based investment management firm that provides equity, preferred equity and mezzanine debt capital to commercial real estate investors and developers throughout the western United States. As the discretionary manager of the Morrison Street series of funds, NBS Real Estate Capital places investment capital on behalf of pension funds, corporations, foundations, trusts, and both high–net–worth individuals and families.