Source: Orion Real Estate Partners
PROVO, UT - Los Angeles based Orion Real Estate Partners announced that it has acquired Lookout Pointe Apartments, a garden-style apartment community in Provo, Utah. Orion purchased the 115-unit apartment community in June 2020 and plans to invest approximately $1.1mm in interior and exterior improvements.
The Property is located in an irreplaceable location as it overlooks Provo from a perch in the foothills of the Wasatch Mountains in a desirable residential neighborhood. Additionally, the Property is within close proximity to the two largest universities in Utah, Brigham Young University (31k students) and Utah Valley University (40k students), and benefits from its access to the booming technology center known as "Silicon Slopes."
The Property is well positioned to take advantage of one of the fastest growing tech hubs in the country, anchored by two large universities, and the highly desirable lifestyle that Utah has to offer.
This is Orion's first acquisition in Utah and the firm anticipates expanding its portfolio in Provo and Salt Lake City. Orion has a favorable long-term outlook on these markets and expects that they will continue to outperform the nation in terms of job and population growth. CBRE Multifamily Capital provided an acquisition loan through Freddie Mac and Orion engaged Salt Lake City based Apartment Management Consultants ("AMC") to provide property management services.