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TruAmerica Acquires SLC ‘Silicon Slopes’ MF for $46M

TruAmerica Multifamily, in joint venture with an institutional partner, acquired Country Lake, a 253-unit multifamily community in Salt Lake City for $45.7 million. The property is located within ‘Silicon Slopes,’ an area densely populated by tech companies, including SanDisk, Intel/Micron and Adobe Systems.

“Because of its strong fundamentals, the multifamily investment market in Salt Lake City has become extremely competitive, and the opportunities to acquire an asset like Country Lake, that fits the investment profile for TruAmerica and our investors, is indeed challenging,” said TruAmerica’s Chris MacLeod.

Built in 1973, the property has a mix of one and two-bedroom apartment homes, with a large percentage of units having remained virtually untouched since the project was built. The addition of the value-add opportunity increases TruAmerica’s holdings in the market to 1,595 units.

Institutional Property Advisors’ Steve Gebing, Cliff David, Danny Shin and Brock Zylstra represented the undisclosed seller in the transaction.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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