The acquisition of Country Lake brings TruAmerica Multifamily’s Utah portfolio total to approximately 1600 units. The Property represents TruAmerica’s fifth investment in Utah and 10th investment in 2018. TruAmerica will undertake a capital improvement program that will consist of renovating unit interiors, bringing the units to a high-quality spec, and will upgrade the common area amenities. Most notable of the amenity upgrades will be the addition of a fitness center and the renovation of the pool area. The exterior renovation program will also include landscaping, upgraded signage, and other renovations that will improve the overall curb appeal of the property. These amenity upgrades will help Country Lake compete more aggressively with its competitors.
Country Lake consists of 253 units and was built in 1973. The property features spacious apartment homes comprised 96% of two-bedroom units with an average unit size of 997 square feet. All units have spacious bedrooms, oversized closets and private balconies or patios while select units enjoy full-size washers/dryers, wood style vinyl plan flooring, and wood burning fireplaces. The Property also features a pool, a clubhouse with Wi-Fi access, a central garden, an outdoor barbecue area, a dog park, a tennis court and a playground.
Country Lake possesses a superb location situated between four major thoroughfares (State Street, 700 East, 3900 South, and 4500 South) in the Millcreek submarket of South Salt Lake City. Country Lake residents are just a 6-minute drive from Smith’s grocery store, and 8 minutes from a Walmart Super Center. Many of the area’s shopping destinations are just 10 minutes from the asset, including Sugarhouse, Fashion Place Mall, and Brickyard Plaza.
The asset boasts easy access to major employment centers, including Intermountain Healthcare, University of Utah, Downtown Salt Lake, and the “Silicon Slopes”. All of the major employment centers are accessible via the UTA Trax Light Rail station located just 1 mile from the property. Additionally, Country Lake is just 1 mile from the I-15.
*In select units