SALT LAKE CITY and DENVER – March 8, 2019 – Berkadia today announced the sale and financing of The Overlook at Sunset Point, a 430-unit garden-style multifamily property in Layton, Utah. Managing Director Greg Barratt of Berkadia’s Salt Lake City office completed the sale on behalf of the seller San Francisco-based Hamilton Zanze & Company. The buyer was Denver-based Capital Real Estate, LLC.
Senior Director Brian Huff of Berkadia’s Denver office secured $28.62 million in acquisition financing through Freddie Mac for Capital Real Estate, LLC. The 10-year permanent loan features a 4.69 percent interest rate, a 70 percent loan-to-value ratio and a 30-year amortization schedule. The deal closed on January 23.
“Greater Salt Lake City is one of the most sought-after multi-family markets in the country,” said Barratt. “Overlook at Sunset Point should experience strong income growth through organic rent increases and continued unit interior renovations.”
Located at 2955 N. 400 W, The Overlook at Sunset Point Apartments features studio-, one- and two-bedroom floor plans with walk-in closets, vaulted ceilings and newly updated kitchen appliances. Residents of the pet-friendly community have access to a state-of-the-art fitness center, a seasonal swimming pool and a recently renovated clubhouse. The property also affords convenient access to Layton Commons Park, downtown Salt Lake City and several nearby outdoor recreational areas.