DB Capital Management Buys Two-Property Multifamily Portfolio Near Salt Lake City
February 18, 2020
SOUTH SALT LAKE CITY, UTAH — Playa Vista, Calif.-based DB Capital Management has acquired a two-property multifamily portfolio in South Salt Lake City for an undisclosed price in an off-market transaction. The properties are Haven Gardens, built in 1961, and Hidden Chalet, built in 1976.
The buyer plans to spend approximately $24,000 per unit in interior and exterior renovations to the properties, as well as address deferred maintenance issues.
Mark Jensen, Greg Ratliff and Rawley Nielson of Colliers International, Utah, arranged the transaction. Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets arranged acquisition bridge financing for the buyer. The name of the seller was not released.
Author: Amy Works
Source: ReBusiness Online