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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.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

