SALT LAKE CITY – Sept. 11, 2020 – CBRE announced that it has arranged $14.5 million in acquisition financing for South Parc Townhomes, an 88-unit multifamily property located at 2249 South 440 East in Salt Lake City, Utah. Ryan Jameson, Scott Williams, Jesse Weber andAndrew Behrens with CBRE’s Debt and Structured Finance group arranged the loan from lender MF 1 Capital on behalf of the borrower, HiCap Management LLC from New York. HiCap Management acquired the property off-market for an undisclosed total sum from a confidential seller in a sale that closed Aug. 20.
“South Parc Townhomes is located in one of the most desirable submarkets in Salt Lake City, close to major employers, abundant retail offerings and cultural amenities. The property’s immediate adjacency to light rail and large, townhome-style units made it an ideal value-add opportunity,” said Ryan Jameson, Vice President, CBRE.
HiCap Management LLC is a privately owned real estate investment and management firm specializing in the acquisition and management of value-add properties. The firm is planning a capital improvement campaign to renovate the building exteriors and unit interiors. While South Parc Townhomes will be HiCap’s first acquisition in Salt Lake City, they intend to grow in the marketplace.
“This purchase marks our entry into the Utah market, and we plan to continue pursuing additional value-add opportunities in Salt Lake City and its surrounding counties over the coming years,” said Joseph Baum and Benjamin Sandel, Co-Managing Members of HiCap Management.
Built in 1972, South Parc Townhomes features two- and three-bedroom units across 12 buildings. Community amenities include a leasing office, laundry room and open spaces, which will be re-landscaped upon renovation. Other planned improvements are parking lot upgrades, including adding carport options; new exterior siding, windows and doors; new in-unit cabinets, countertops, appliances and flooring; and HVAC system upgrades.
Located in Salt Lake City’s Sugar House district, near the 500 East Station of the S-Line street car, the property is close to the Sugar House Town Center area with over 100 restaurants in a 5-mile radius. Sugar House offers approximately 1.44 million sq. ft. of retail, dining and entertainment. Additionally, the 110-acre Sugar House Park sits directly east of the property and is accessible on a walking/bike path.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.