CASE STUDY / Ascent at Union Square


Project Equity$5,156,289$5,100,000
Project Level IRR21%43%
Project Level EM3.5x2.23x
Hold Period10 Years2 Years

Market Info

Union Square is one of the closest apartment properties to BYU’s campus, and because it is not designated strictly as BYU Approved Student Housing, is one of the best options for married students attending the university. With over 33,000 students at BYU and a nation-leading 30% of those students being married, Union Square holds an unbeatable market position within the Provo housing market. Additionally, BYU is the largest employer in Utah County with approximately 20,000 employees. The Provo MSA saw YoY rent growth in 2021 of 16.2% while the Provo-Orem MSA population has grown by over 23% since 2010.

Ascent at Union Square | Provo

Size: 81,325 SQ FT   |   Units: 139   |   Occupancy: 98%   |   Year Built: 1991

Ascent at Union Square offer apartments for affordable prices and are just a few blocks south of BYU and right next to local parks with sponsored activities to develop new hobbies while getting to know your neighbors.


DB Capital purchased Union Square in December 2020 as their first investment in the Provo, UT submarket. The property was family owned and operated by the original developer and DB Capital saw opportunity in the fact that it was undermanaged, had not had any significant capital improvements since its original development and had one of the most coveted locations in the BYU housing submarket. Top line rents were approximately 28% below market, there was significant underperformance in their ancillary income program and all exterior, amenities and unit interiors were in need of renovation to allow the property to compete with newer vintage assets.

Investment Highlights

  • Increased in-place rental rates by more than 47% (based on expected preleasing rates)
  • Increased ancillary income by more than 147% (based on 2022 budget)
  • Key driver of ancillary income was knowledge of the market ancillary income and professional management which led to increased utility income, renters insurance income, parking income and internet income
  • Renovated all exterior, amenity and unit interiors including adding a fitness center to the property

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