SALT LAKE CITY and DENVER – February 21, 2020 – Berkadia today announced the sale of and financing secured for The Park Apartment Homes, a garden-style multifamily property in Bountiful, Utah. Managing Director Greg Barratt of Berkadia’s Salt Lake City office completed the sale on behalf of the seller. The deal closed on February 7.
“The Park Apartment Homes is a great asset located just ten minutes from downtown Salt Lake City,” said Barratt. “This submarket north of downtown experienced the highest rent growth along the Wasatch Front last year.”
Senior Director Kevin Batt of Berkadia’s Denver office secured the acquisition financing for the property on behalf of the buyer.
“This is a nice addition to our client’s growing multifamily portfolio,” said Batt. “It’s a stable asset in a strong market with value-add potential.”
Located at 453 W 1500 S, The Park Apartment Homes features one- and two-bedroom floor plans with air conditioning, fully equipped kitchens and private patios or balconies. Community amenities include a fitness center, a pool, a playground, laundry facilities, several outdoor grilling stations, covered parking and a dog park. Residents are afforded convenient access to Five Points Park, South Davis Community Hospital and the shops and restaurants along Route 89.