Salt Lake City — CBRE has arranged the sale of two multifamily properties in North Salt Lake totaling 100-units. InTrust Property Group purchased the properties from The Ritchie Group and Work Horse Properties for an undisclosed amount.
CBRE’s multifamily investment brokers Eli Mills and Patrick Bodnar represented the sellers in the transaction and CBRE’s debt and structured financing broker, Doug Birrell, secured the financing for the buyers.
The two properties include:
- Northridge South Ogden, a fully renovated, 52-unit property built in 1973, with additional units added in 2018 located at 1290 E. 5850 S. in Ogden, Utah. The property offers two-bedroom floorplans and features a dog park, carport parking, playground, in-unit washer and dryer and is located near Weber State University and downtown Ogden.
- Northridge Roy, a 48-unit property built in 1968 and renovated in 2021, located at 5489 S. 2350 W. in Roy, Utah. The property offers two-bedroom floorplans and features a picnic area, garage parking, in-unit washer and dryer, a large, common-use lawn, and is in proximity to Hill Air Force Base and the Freeport Center.
“Multifamily housing in Weber County has been in high demand,” says Bodnar. “Rents have been on the rise and there is very little new supply coming online. The fully renovated Northridge Apartments is a perfect opportunity for investors to take advantage of the strong yields from rental increases.”
Rents have risen over 21 percent over the past twelve months increasing market values for all apartments communities along the Wasatch Front.