SALT LAKE CITY, UT - CBRE has arranged the financing for the acquisition of Coventry Townhomes in Woods Cross, Utah. Ryan Jameson, Jesse Weber and Stephen Baird with CBRE Capital Markets’ Debt & Structured Finance secured the $13.2 million loan on behalf of the buyer, HiCap Management. The loan is a seven-year, fixed-rate conventional Fannie Mae loan with five years of yield maintenance.
“Coventry’s townhome-style unit layouts and modern amenities have been well received by renters,” said Mr. Jameson, vice president, CBRE. “Investors continue to look to suburban submarkets in and around major MSAs such as Salt Lake City to capture the out migration from urban cores. North Salt Lake County has seen impressive rent growth throughout the pandemic.”
Coventry Townhomes was acquired off-market from a local developer as part of a 1031 exchange for the buyer. The property is located at 2323 South 800 West in Woods Cross, a northern suburb of Salt Lake City.
The acquisition is HiCap Management’s third in the greater Salt Lake City area as the firm continues to pursue opportunities to expand its Western U.S. portfolio.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.