SALT LAKE CITY, UT – Restore Utah advanced its multifamily acquisition strategy closing on 76 units known as Pine Valley and Pine Cove in Salt Lake County. Since its inception in 2012, 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.
Pine Valley is a 60-unit apartment community that was built in 1970 and offers two bedrooms units. Pine Cove is an adjacent 16-unit apartment complex that was built in 2014 and consists of one and three bedroom units.
Restore Utah plans to enhance the community through complete interior renovations, heating and cooling improvements and a common area overhaul planned to include a new playground, dog park and gathering pavilion.
"We are pleased with the acquisition of Pine Valley and Pine Cove and are optimistic regarding the Salt Lake market because of its expanding population, strong job growth and low unemployment. We now own over 450 multifamily units in and around Salt Lake County and have found great success investing in the Utah economy while delivering quality affordable housing," said Jim Schulte, President at Restore Utah.
Over the past six years, Restore Utah and Goldman Sachs have invested over $150 million to acquire and renovate over 500 single-family homes and 450 multifamily units. Over 98% of the apartment units are focused on serving low- and moderate-income communities and residents. Restore Utah seeks to acquire 150 to 200 more units in 2018 to help revitalize existing apartment buildings and neighborhoods.