NEWPORT BEACH, CA – Buchanan Street Partners announces the acquisition of a bank-owned REO, a partially completed 298-unit age-restricted apartment community in Herriman, Utah. This transaction represents a programmatic effort to expand the company’s multifamily investment portfolio, following the recent appointment of Executive Vice President Kevin Hampton to lead this effort.
Buchanan Street launched its multifamily investment platform in March 2017 to further diversify the company’s investment business, and plans to invest $500 million in the sector over the next three years.
Buchanan Street purchased the partially completed development from Key Bank and Bank of the West, with plans to finish construction in early 2018 and deliver much-needed age-restricted housing to an underserved market.
“The Incline Apartment investment allows us to build our multifamily portfolio while solving an immediate housing need in the Herriman area,” said Hampton. “A measurable void exists in the area for quality age-restricted apartment communities, and together with the recent spike in population growth, we feel this investment is poised to perform well.”
The project is located at 11901 Freedom Park Drive and is in close proximity to Daybreak, Utah’s largest and most successful master-planned community. Incline Apartments will afford residents convenient access to retail, restaurants and light rail transportation, and offer amenities such as an upscale clubhouse, fitness center, pool, spa, community Wi-Fi and more.
“The importance of amenities and proximity to services is especially relevant in today’s competitive apartment market,” added Hampton. “Resident needs continue to evolve, and as we break ground on new developments, we’re able to apply our expertise in the multi-family sector to meet those needs while also producing attractive risk-adjusted returns for our investors.”
Kip Paul, executive director of investment sales and Camron Carpenter, director at Cushman & Wakefield, represented Key Bank and Bank of the West. Buchanan represented themselves.
ABOUT BUCHANAN STREET PARTNERS: Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested more than $6 billion in real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing capital preservation.