Berkadia Completes Sale and Secures $67.79M in Financing for Multifamily Property in West Valley City, Utah
West Valley City, Utah – October 31, 2024 – Berkadia is pleased to announce the sale and financing of Enclave at Redwood, a 486-unit garden-style property in West Valley City, Utah. Berkadia Salt Lake City represented the seller and Berkadia DC Metro secured a $67.79 million Freddie Mac acquisition loan on behalf of the buyer, Artemis Real Estate Partners and Preserve Partners. The full deal team is listed below.
“The sale was particularly challenging due to a fire on site during the escrow period that affected eight units,” said Greg Barratt, Senior Managing Director of Berkadia Salt Lake City. “We collaborated closely to address these issues while ensuring the transaction progressed smoothly. The buyer, a joint venture between Preserve Partners and Artemis Real Estate Partners, plans to continue upgrading the property’s amenities and interiors, recognizing the West Valley City submarket as one of the strongest in Salt Lake City.”
“Congratulations to Artemis Real Estate Partners and Preserve Partners on the successful acquisition of a prime asset in the thriving Salt Lake City market,” said Patrick McGlohn, Senior Managing Director of Berkadia DC Metro. “Berkadia collaborated closely with Freddie Mac to secure the acquisition financing. The execution of this complex transaction highlights the exceptional experience and deal acumen of the sponsorship and Freddie Mac. Berkadia is grateful for the opportunity to work with Artemis, Preserve, the seller, and Freddie Mac to bring this transaction to a close.”
Located at 3810 S Redwood Rd, Enclave at Redwood is a large garden-style, institutional-quality multifamily asset featuring 486 spacious apartment homes with one-, two-, and three-bedroom units. Built in 1985, this property spans 27 acres and includes exceptional amenities such as a swimming pool, sundeck with cabanas, sports court, basketball court, outdoor lounge with fire pit, pet grooming station and park, covered parking, and package lockers. This unique live-work-play community is designed to enhance the lifestyle of its residents and offers ample space for potential future amenities and enhancements.
The deal team consisted of Senior Managing Director Greg Barratt of Berkadia Salt Lake City who represented the seller. The financing efforts were led by Senior Managing Director Patrick McGlohn, Managing Directors Brian Gould and Michael Slovitt, Senior Directors Miles Drinkwalter and Hunter Wood, and Associates Patrick Cunningham and Natalie Hershey.
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