SOUTH JORDAN, UT – Olympus Property announces the expansion of their portfolio into Utah further diversifying their portfolio across ten states. The community will undergo a name change effective immediately to Olympus at Daybreak.

Olympus at Daybreak is the only apartment community located within the growing 4,000 acre master-plotted community of Daybreak in South Jordan. Recently named one of Utah’s fastest growing and best places to live in Utah, South Jordan offers a family-oriented community, highly rated schools, and quick access to a growing number of job drivers. Located next to the light rail system and Highway 154, Olympus at Daybreak offers strategic access to the entire Salt Lake Valley metroplex.

“Olympus at Daybreak is an opportunity for our company to expand into a new market with a strong fundamental tale. The asset is located in a flourishing community with plenty of long term upside for our firm and our partners,” said Chase Bennett, Director of Acquisitions at Olympus Property.

Olympus at Daybreak is a garden-style apartment community featuring 315 units with two and three tale-buildings. Constructed in 2011 in the desirable city of South Jordan, the asset is approximately 15 miles from Salt Lake City. This Class “A” property features a unit mix of 26 percent one-bedroom units, 63 percent two-bedroom units, and 11 percent three-bedroom units, with an average unit size of 1,110 square feet.

Community amenities include 25 parks with sport courts, pavilions, ball fields, playground equipment, and community gardens and 30 miles of walking and hiking trails throughout the community. Oquirrh Lake offers 70 acres of kayaking, canoeing, paddle boarding, sailing and fishing.

“Our expansion into Utah offers new opportunities for the growth of our company. Olympus at Daybreak is the ideal asset for this expansion offering a highly sought-after community in a quick growing market,” said Anthony Wonderly, a Principal of Olympus Property.

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SALT LAKE CITY, UT – Since its inception in 2012, Restore West through its local affiliate Restore Utah and Goldman Sachs Urban Investment Group have revitalized low- and moderate-income neighborhoods by transforming vacant or neglected properties hard hit by the financial crisis into quality affordable rental homes for low-income families. 

Recently, Goldman Sachs increased its equity commitment to Restore West’s Multifamily Acquisition Fund to $27 million, enabling Restore West to significantly increase its acquisitions and improve affordable housing throughout the Wasatch Front.  Restore West will also be expanding its multifamily acquisition effort this year into Arizona, Colorado, Idaho and Nevada.

Over the past five years, Restore West and Goldman Sachs have invested over $150 million to buy and renovate over 500 single-family homes and eight multifamily properties totaling over 450 units.  Over 98% of the apartment units are focused on serving low- and moderate-income communities and residents.

“We are pleased with this further investment from Goldman Sachs. We are optimistic regarding the Salt Lake market with strong population growth and the fourth fastest growing job market in the nation. This market is no longer a secret and the Urban Land Institute ranked Salt Lake City third in the nation for ‘Emerging Trends in Real Estate 2018,'” said Jim Schulte, President of Restore West.

“Goldman Sachs’s investments over the past two years have enabled us to buy eight multifamily communities in the past 18 months consisting of over 450 units focused along the Wasatch Front,” Jim added.  “Restore West seeks to buy 200 to 300 more units in 2018 to help revitalize existing apartment buildings and neighborhoods.”

“Deepening this partnership with Restore West is part of Goldman Sachs’s commitment to making meaningful investments in the cities where we live and work,” says Margaret Anadu, Goldman Sachs Managing Director and head of the Urban Investment Group.  “This partnership exemplifies an innovative solution to addressing the affordable housing need in the local market.”

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CARROLLTON, GA – Vesper Holdings, a privately-held real estate investment firm based in New York City, announced the acquisition of Carrollton Crossing and River Pointe located near the University of West Georgia. With this latest transaction, Vesper’s student housing portfolio now totals over 17,000 beds.  Inclusive of this acquisition, Vesper has bought 13 properties totaling approximately $400 million over the last 16 months.

Carrollton Crossing is a 336-bed apartment community that is located adjacent to the University of West Georgia’s campus. Completed in 1998, the property consists of four-bedroom floor plans – all with bed-to-bath parity. Apartments feature large fully-equipped kitchens, flat screen televisions, full-sized washers, and dryers along with high-speed internet connection in every bedroom. Carrollton Crossing offers students a full range of amenities including a fitness center, community lounge, coffee station, business center, study room, and grilling areas.

River Pointe is a 504-bed apartment complex that also caters to students attending the University of West Georgia. Completed in 2000, the property’s unit mix consists of two-bedroom and four-bedroom floor plans. Apartments include large fully-equipped kitchens, full-sized washers, and dryers along with high-speed internet connection in every bedroom. Community amenities feature a swimming pool, tennis and volleyball courts, free tanning, a fitness center, lounge and game room, and computer center. Similar to Carrollton Crossing, River Pointe is located across the street from the UWG campus.

Vesper intends to allocate $3.15 million towards upfront property improvements. This capital will be used to upgrade the unit interiors at each property and to modernize the community amenities, including the clubhouses, business centers, and fitness centers. 

The Seller was represented by Peter Katz, Executive Managing Director of IPA Student Housing.

“Our acquisition of Carrollton Crossing and River Pointe is part of a strategy to buy pedestrian-to-campus properties that offer our investors superior risk-adjusted returns,” commented Isaac Sitt, co-founder, and principal of Vesper Holdings. We are pleased to expand our footprint in Georgia and incorporate these properties into our rapidly growing student housing portfolio.”

Vesper’s student housing portfolio is the 8th largest in the United States. Vesper’s portfolio, including Carrollton Crossing and River Pointe, is managed by Vesper’s in-house property management company – Campus Life & Style (CLS). 

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