Country Lake

Investment Highlights

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.

Property Highlights

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.

Unit Amenities

*In select units

Community Amenities

Falls at Hunters Pointe

Investment Highlights

Falls at Hunters Pointe represents TruAmerica’s sixth investment in the Salt Lake MSA and thirteenth acquisition of 2021. The Property is a substantial value-add opportunity as 250 of the apartment homes remain unrenovated or lightly renovated. TruAmerica will renovate all units to a consistent, premium finish level, creating a high-end feel for future residents. TruAmerica also plans to make targeted, accretive improvements to exteriors and amenity spaces. Amenity improvements will include clubhouse renovations, landscaping, playground renovation, pool furnishings, signage, exterior paint, and fitness center upgrades. These renovations will improve the current resident lifestyle and foster a more attractive image to prospective renters.

Property Highlights

Falls at Hunters Pointe is located in the city of Sandy and is directly adjacent to major retail centers anchored by Scheels Sporting Goods, Costco, Best Buy, Home Depot, Buffalo Wild Wings, Shake Shack, Habit Burger Grill, The Original Pancake House, and Blue Lemon. The Property’s location is central to the Silicon Slopes, Utah’s high-tech employment sector, providing several high-paying employment options in the technology industry. The Property is also directly adjacent to Interstate 15 and only a few miles from two UTA TRAX light-rail stations. These major transportation options provide uninterrupted reach to prominent employment hubs including downtown Salt Lake City, Draper, Lehi, and Provo. Additionally, the property is a short twenty-minute drive from Salt Lake City International Airport, which is currently undergoing a $4.1B renovation.

Sandy is one of the most sought-after locations and communities in the Salt Lake Metro, positioned squarely in the hotbed of Silicon Slopes. The Property is perfectly positioned for residents to easily access major regional retail such as Fashion Place Mall, grocery stores, dining, the local Major League Soccer stadium Rio Tinto, and the Hale Centre Theatre. Falls at Hunters Pointe is also located within a 1-hour drive of ten world-class ski resorts, offering easy access to winter recreational activities such as skiing, snowshoeing, and snowmobiling. The mountains also provide hiking, mountain biking, and rock-climbing opportunities for all skill levels during the summer months.

Community Amenities

• Oversized Resort Style Pool & Spa
• Pool Side BBQ Grill
• Fitness Center
• Indoor & Outdoor Basketball Courts
• Tennis Court
• Pickleball Courts
• Indoor Racquetball Court
• Playground
• Community Courtyard
• Modern Leasing Office
• Ample Community Green Space

Apartment Amenities

• Full-size washers and dryers
• Wood-style vinyl flooring & carpeting
• Open concept floor-plans
• Ceiling Fans
• Keyless Entry
• Spacious walk-in closets
• Stainless steel appliance package*
• Modern plumbing fixtures*
• Contemporary lighting*
• Kitchen pantry*
• Vaulted ceilings*
• Private patio or balcony

*Select Units

Enclave at Redwood

Investment Highlights

Enclave at Redwood is a 486-unit property that is comprised of a modern unit mix of 1-bedroom, 2-bedrom, and 3-bedroom units which are well suited to capture a wide range of rental demand. This property fits TruAmerica’s value-add strategy, as the unit interiors are in need of modest upgrades to achieve solid rent premiums. With a thoughtful renovation program and strong management, solid revenue upside can be achieved, which is well within the affordability range of the local population. Upgrades would include upgraded kitchen appliances and countertops, light fixtures, flooring, cabinet faces and hardware. Additional exterior and common-area amenity upgrades include: swimming pool area enhancements, outdoor kitchen space, and outdoor activity recreation areas. 

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 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. 

Property Highlights 

486 one, two, and three-bedroom apartment homes with large floor plans ranging from 720 to 1500 square feet and resort-like amenities. Charming 2-story construction and beautiful landscaping are combined to create a friendly village setting.