47Seventy Settler’s Point was acquired as part of a 14-property multi-state portfolio. The property is situated adjacent to the Fore Lakes Golf Course, providing tenants serene views of manicured lawns, and is located in the center of the Salt Lake Valley, surrounded by 540,000 jobs within a 10-mile radius and a quick 10-minute commute to downtown Salt Lake City. The property presents tremendous value-add upside that TruAmerica intends to capture by implementing a moderate interior renovation program consisting of kitchen, restroom, and flooring upgrades. Units not currently outfitted with washers and dryers will have them installed. An additional $3.5 million will be spent upgrading the property’s common area amenities and the general physical plant.
The blended acquisition cap rate of the portfolio was far higher than those of market comparable sales.
Located just minutes from downtown Salt Lake City, 47Seventy Settler’s Point is a great fit for any lifestyle. With a number of community amenities, unique apartment home floor plans, and mountain views, 47Seventy Settler’s Point is thoughtfully designed with warmth and serenity in mind.
- TV lounge
- Fitness center
- Two swimming pools
- Hot tub
- Tennis court