DB Capital buys Utah multifamily property
December 30, 2021
DB Capital has acquired Layton, Utah-based Twin Trees Apartments, a multifamily community. No financial terms were disclosed.
Multifamily Investment firm DB Capital Management added to its growing footprint in Utah with its acquisition of Twin Trees Apartments, a 43-unit multifamily community located in Layton, UT, approximately 20 minutes north of Downtown Salt Lake City.
DB Capital Management’s investment strategy is focused on secondary and tertiary markets exhibiting strong multifamily fundamentals. Located in Davis County, Layton is a thriving community in the heart of Northern Utah that USA Today ranked tenth on its list of America’s Best Cities to Live. The market’s low cost of living and growing job market has resulted in impressive population growth creating strong demand for quality rental housing and Q2 2021 year-over-year rent growth of 14.1 percent ranking highest in the state.
With the acquisition of Twin Trees and the recent sale three Salt Lake City properties, DB Capital’s portfolio in Utah now totals approximately 300 units and includes properties in Salt Lake City, Provo and now Layton.
The firm’s reputation for being a closer in this market has been a key factor in winning deals, especially in an ultra-competitive state like Utah, according to DB Capital Vice President Darren Hulick.
“We’re using our extensive network of contacts and relationships to help us unearth investment opportunities like Twin Trees which we were able to secure through an existing relationship,” said Hulick. “We will continue to build scale in targeted markets within the state with a goal of increasing our holdings to approximately 1,000 units.”
Built in 1997, the property, which will be rebranded as Summit at Layton, is made up almost entirely of three-bedroom townhome-style units. DB Capital plans a capital improvement program that will enhance the building exterior, unit interiors and community amenities.
About DB Capital Management DB Capital Management (http://www.dbcap.com) is a vertically integrated real estate investment group based in Playa Vista, CA. DB Capital Management focuses on owning and operating quality multifamily properties in strategically targeted submarkets across the United States.
The DB Capital Management strategy revolves around a hands-on approach to acquisitions and asset management, coupled with an extensive understanding of each target investment submarket, which leads to maximum revenue generation and subsequent value.