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.