Orion Real Estate Partners (“Orion”), based in Los Angeles, announced the acquisition of Lakeside Village, an active adult multifamily complex in Salt Lake City, Utah.
Lakeside Village stands on a 7.7-acre location with breathtaking views of the Wasatch Mountains and appealing features such as a clubhouse, community pond, resident garden, and outdoor swimming pool and spa.
Built in 1997, 100% of the units are in excellent shape, and the property will be renovated to improve the amenities and unit interiors.
The site was purchased by Orion in collaboration with Denver-based Headwaters Group and Atlanta-based Formation Development Group.
To provide best-in-class services to the community, the united team will bring together strong operational knowledge and experience in the active adult area.
This is Orion’s third acquisition in Utah and its 23rd overall since 2016, and the company is looking to expand its portfolio in Utah and other high-growth western states.
According to a CBRE study report, Salt Lake City is the country’s number one market, and it has exceeded the national average in both job and population growth, rising at more than twice the rate of the national average.
Through Fannie Mae, Orion obtained a fixed-rate loan from CBRE’s San Diego Capital Markets team.
Orion will work with AMC, a property management company based in Salt Lake City that presently maintains over 1,200 units for Orion.
