SOLARA is a 418-unit apartment located in Salt Lake City, UT. The community featuring one and two bedroom apartment homes. The apartment community located within a 5-minute drive of downtown Salt Lake City and has Easy access to Interstate 15, 80, and 215. The property is within 1.5 miles of UTA FrontRunner and TRAX (high-speed and light rail), 2.5 miles of Vivint Smart Home Arena home of the NBA Jazz, and 2.5 miles from “The Gateway” - open air mall with over 150 tenants (2.5 miles). There are over 452,000 jobs within a 10-mile radius. The acquisition ($39,300,000) and renovation of the property provides higher-than-market projected returns.
Utah boasts one of the largest financial services sectors in the nation, ranking eight in the U.S. for banking assets and boasting 47 institutions worth $600 billion. The Salt Lake City is home to approximately 56,100 employees working for companies in the financial activities sector. Salt Lake City is known as “Wall Street of the West” due to the presence of numerous financial firms that include Discover Products, Wells Fargo, and Goldman Sachs (GS), which operates the company’s fourth largest global office in Salt Lake City.
Utah has the fourth lowest unemployment rate in the nation at 3.5%. Utah is also the fourth highest nationally in year-over job growth at 2.5%. Current median home prices for Salt Lake County have increase 9% from last year. Population growth rate is estimated at 6.9% for 2015-2020. Median income growth rate estimated at 18.9% for 2015-2020. Household growth rate estimated at 7.1% for 2015-2020.