Multifamily investment firm DB Capital Management continues its investment activities in Utah with the acquisition of Spring Hollow, an 88-unit apartment complex in Millcreek, UT, an affluent suburb of Salt Lake City. The acquisition of Spring Hollow caps approximately $100 million of transaction activity for DB Capital in Salt Lake City in the past 12 months. Its third acquisition during that period, the firm also exited five investments, some of which date back to when the firm entered the market in 2018.  

DB Capital plans an extensive renovation of the entire community which has largely remained untouched since it was constructed in 1973.  Improvements will exceed $40,000 per unit.

“Salt Lake City was one of the first markets we invested in as a company and we seem to have found a great niche in these types of middle-market opportunities,” said Devin Antin, managing partner of DB Capital. “The Salt Lake City multifamily market is one of the most if not the most fundamentally sound in the United States with strong population and job growth and was our best performing market throughout the pandemic.”

Millcreek is located less than 15 minutes from downtown Salt Lake City to the north and within 30 minutes of five of the most popular ski resorts in Utah.