Salt Lake City, UT
CBRE Facilitated Sale of 86-Unit Apartment Community Built in 2020 in Ogden, Utah
CBRE Debt & Structured Finance also handled the financing of the property.
August 2, 2022
CBRE’s Eli Mills and Patrick Bodnar represented the seller, Utah-based Crockett & Koehler, LLC, in this transaction. Jesse Weber, Andrew Behrens and Ryan Jameson of CBRE Capital Markets’ Debt & Structured Finance arranged the financing.
Located at 455 Second Street in Ogden, the Lofts at Five Points was built in 2020 and sits on 2.39 acres. The four-story, elevator-served community features 55 one-bedroom and 31 two-bedroom units averaging 801 square feet. Unit amenities include modern design and finishes throughout, in-unit washers/dryers, tall ceilings and private balconies. Community amenities include a resident lounge, 24-hour fitness center, dog park, valet trash service, secured access, on-site storage rental units, and 131 surface parking spaces.
“The principals of Crockett & Koehler Construction who developed the asset were forward-thinking in this property’s design and appearance for a suburban location on the north end of Ogden city,” said CBRE’s Bodnar. “The great need for quality housing was validated by the incredibly fast lease-up and strong rent rates achieved. HiCap Management made an excellent decision in purchasing the asset, expanding their Utah portfolio.”
The Lofts at Five Points is near the area’s major retail, entertainment and employment centers, including Weber and Davis County. Located in Ogden, a city center 45-minutes north of downtown Salt Lake City, the property is proximate to an IRS office, the Ogden Depot and Hill Air Force Base. Abundant recreation options, schools and universities are located near the community.
“With occupancies in the Ogden market at an all-time high, as well as the lack of new apartment inventory in the pipeline, there is a perfect combination driving rents in this submarket,” added CBRE’s Mills “There is still a lot of room to grow.”
The buyer, HiCap Management LLC, is privately owned real estate investment firm based in New York. This is HiCap’s fifth multifamily acquisition in the state of Utah over the past 24 months.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.