DB Capital Management (DB Capital) has purchased a 100-unit community in the Salt Lake City submarket of Taylorsville, Utah, with its equity partner Thrive FP. Located at 5490 S. 3910 W., Autumn Glen is DB Capital’s fifth multifamily asset acquired in Salt Lake City in the last two years. This purchase also marks the firm’s sixth acquisition with Thrive FP. Along with expansion in Salt Lake City, DB Capital is also making multiple acquisitions in San Antonio.
According to Yardi Matrix data, the property was last owned by Peak Capital Partners, who bought the multifamily community in June 2014. Danny Shin and Brock Zylstra from the Institutional Property Advisors (IPA) Salt Lake City office represented the seller, while Brian Eisendrath and Cameron Chalfant on IPA’s Capital Markets team, secured the debt financing. The sales price was not disclosed.
Autumn Glen is made up of five three-story buildings, each featuring a mix of one- and two-bedroom apartments. Initially built in the 1980s, DP Capital intends to renovate the inside of all units while upgrading exterior and common area amenities. The asset is 20 minutes from downtown Salt Lake City, and within 30 minutes of several Utah ski resorts.
Increasing Rental Demand
In the past year, the Salt Lake City area has experienced significant increases in the value of single-family homes. According to the Utah Association of Realtors, Salt Lake County median sales price for a home went up 16.8 percent from June 2021 to June 2022.
Renting is proving to be a more affordable option, despite rental demand increasing. While year-over-year rents rose 20.2 percent, the Salt Lake City average rent price stayed below the U.S. average. In prepared remarks, Darren Hulick, regional vice president of DB Capital, said Autumn Glen is set to offer apartments significantly cheaper than newer constructions in the area.