GPR Ventures has made its second-ever multi-family acquisition by completing the purchase of a six building, 64-unit residential project in Salt Lake City. The buildings, renamed from City View Apartments to the Alta View Apartments, are located at 1012 East Barbara Place and have significant vacancies. The purchase, which closed escrow on Dec. 10, 2021, marks the 34th overall acquisition for GPR Ventures and the third in the state of Utah.
“Salt Lake City consistently ranks as one of the top markets in the nation for growth opportunity, and our activities in the industrial and multi-family sectors reflect that,” said Glen Yonekura, GPR Ventures co-founder and Managing Principal. “We continue to expand GPR Ventures’ value-add presence in the Western United States with this acquisition. Additionally, we remain committed to the Salt Lake City market and our multi-family platform expansion.
Property Features + Benefits
The Alta View Apartments portfolio is set in the East Bench neighborhood and overlooks the Salt Lake Valley near the University of Utah. The vintage-style apartments are outfitted with hardwood floors and are available in a variety of layouts, from studio to three-bedroom units.