Southwillow is a 440-unit property that is comprised of predominantly studios and 1BR floorplans that cater to single professionals or young couples. This property fits TruAmerica’s value-add strategy, as the unit interiors are in need of modest upgrades to quickly achieve solid rent premiums. With a thoughtful renovation program and strong management, revenue upside can be garnered, which is well within the affordability range of the local population. Although units are small, the well-designed layout of the floor plans makes them feel larger than they are and historical occupancy of over 95% demonstrates strong demand. Upgrades would include upgraded kitchen appliances, light fixtures, flooring, cabinet faces and hardware. Additional exterior and common-area amenity upgrades include: outdoor kitchens, new signage & monument, outdoor fitness center, and a mini water park.
The local market is ripe for repositioning well-located properties, and many properties have been slow to undergo renovation due to less institutional ownership. By implementing the thoughtful renovation program and bringing market rents to appropriate levels, TruAmerica should be able to meet its business plan and generate favorable returns for its investors.
Panoramic mountain views and resort-like living are available at Southwillow. Conveniently located just off Redwood Road, this property is a short commute for residents working in downtown Salt Lake City. Six different floor plans give residents many options for spaces that they can truly make their own.
- Fitness center
- Heated outdoor pool and spa
- Soccer field
- Racquetball court
- Indoor and outdoor basketball courts
- Beautifully landscaped open courtyards
- Barbecue area