DLP Real Estate Capital is making its mark in Utah, stepping foot in the state for the first time with its recent purchase of Ashley Creek Village and the Willow Park Apartments, a 296-unit multifamily apartment community located in the city of Vernal.
These best-in-class assets include one-, two- and three-bedroom floor plans. Patrick Bodnar and Eli Mills of CBRE represented the sellers, MidCap Financial and Ashley Creek Village II, LLC, in the transaction.
Completed in 2013 & 2015, the portfolio is comprised of 13 buildings with garden-style construction. These properties are very attractive to tenants, as they feature vast amenities, and together represent the majority of the apartment inventory in the Vernal market. The buildings were 95% occupied at the time of sale and provide a high-yield potential with a value-add component to the buyer, DLP Real Estate Capital.
“The timing was right for the sellers, and DLP Real Estate Capital was exceptional in their execution of the transaction,” commented Bodnar, CBRE Vice President. “Marketing these properties together provided an opportunity to combine these assets under one ownership umbrella which will greatly benefit the current residents. The new owner can now streamline operational oversight and execute a plan to enhance the properties.”
Ashley Creek Village, located at 210 East 500 South, includes 96 units and features amenities such as private garages, a clubhouse with 24-hour access to a fitness center, and an outdoor basketball court, playground and firepit. Willow Park, located at 110 North 2500 West, is comprised of 128 units and features expansive outdoor space with private garages, walking and biking trails, a playground area, and a clubhouse.
Don Wenner, Founder and CEO of DLP Real Estate Capital said, ”We are very excited about the opportunity to acquire these beautiful communities in Vernal, our first investment in the great state of Utah. The low investment basis and strong demand for quality housing in this area provided DLP with an excellent opportunity to make a solid investment in a new market. We look forward to providing the local residents with great places to live and outstanding service.”