SALT LAKE CITY, UT - Since its inception in 2012, Restore West through its local affiliate Restore Utah and Goldman Sachs Urban Investment Group have revitalized low- and moderate-income neighborhoods by transforming vacant or neglected properties hard hit by the financial crisis into quality affordable rental homes for low-income families.
Recently, Goldman Sachs increased its equity commitment to Restore West's Multifamily Acquisition Fund to $27 million, enabling Restore West to significantly increase its acquisitions and improve affordable housing throughout the Wasatch Front. Restore West will also be expanding its multifamily acquisition effort this year into Arizona, Colorado, Idaho and Nevada.
Over the past five years, Restore West and Goldman Sachs have invested over $150 million to acquire and renovate over 500 single-family homes and eight multifamily properties totaling over 450 units. Over 98% of the apartment units are focused on serving low- and moderate-income communities and residents.
"We are pleased with this further investment from Goldman Sachs. We are optimistic regarding the Salt Lake market with strong population growth and the fourth fastest growing job market in the nation. This market is no longer a secret and the Urban Land Institute ranked Salt Lake City third in the nation for 'Emerging Trends in Real Estate 2018,'" said Jim Schulte, President of Restore West.
"Goldman Sachs's investments over the past two years have enabled us to acquire eight multifamily communities in the past 18 months consisting of over 450 units focused along the Wasatch Front," Jim added. "Restore West seeks to acquire 200 to 300 more units in 2018 to help revitalize existing apartment buildings and neighborhoods."
"Deepening this partnership with Restore West is part of Goldman Sachs's commitment to making meaningful investments in the cities where we live and work," says Margaret Anadu, Goldman Sachs Managing Director and head of the Urban Investment Group. "This partnership exemplifies an innovative solution to addressing the affordable housing need in the local market."