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.