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.