Restore Utah has purchased two apartment communities totaling 76 units, Pine Valley and Pine Cove in Salt Lake County, according to a release.
"We are pleased with the acquisition of Pine Valley and Pine Cove and are optimistic regarding the Salt Lake market because of its expanding population, strong job growth and low unemployment. We now own over 450 multifamily units in and around Salt Lake County and have found great success investing in the Utah economy while delivering quality affordable housing," Jim Schulte, President at Restore Utah, said in the release.
Pine Valley is a 60-unit apartment community that was built in 1970 and offers two bedrooms units.
Pine Cove is an adjacent 16-unit apartment complex that was built in 2014 and consists of one and three bedroom units.
Company plans renovation at apartment communities
Restore Utah plans to enhance the community through complete interior renovations, heating and cooling improvements and a common area overhaul planned to include a new playground, dog park and gathering pavilion.
Over the past six years, Restore Utah and Goldman Sachs have invested over $150 million to acquire and renovate over 500 single-family homes and 450 multifamily units, according to the release. Over 98% of the apartment units are focused on serving low- and moderate-income communities and residents. Restore Utah seeks to acquire 150 to 200 more units in 2018 to help revitalize existing apartment buildings and neighborhoods.
Since its inception in 2012, Restore Utah and Goldman Sachs Urban Investment Group have revitalized low- and moderate-income neighborhoods by transforming vacant or neglected properties hard hit by the financial crisis into quality affordable rental homes for low-income families.
About Restore Utah
Restore Utah is a real estate investment company and operator that matches the needs of capital partners with attractive targeted opportunities. The firm is focused on Salt Lake County and the greater Wasatch Front. With backing from one of the country’s leading institutional investors and largest banks, Restore Utah has invested, since founding in 2012, more than $150 million in residential rental properties. Leveraging the insight of its partners gained over multiple real estate cycles, the firm is now utilizing the platform to grow into new areas.