The buyer was Chicago-based Orchard Apartments, LLC, which acquired the 20-unit complex from Crapse Building One, LLC. The property, which consists entirely of two-bedroom units, traded close to the list price of $3.3 million. Vicente Cantua, a multifamily specialist with Cushman & Wakefield in Utah represented the seller in the transaction.
“This was an attractive investment opportunity in an increasingly popular market that maintains healthy economic fundamentals,” said Vicente Cantua. “The seller also invested significant capital into completing interior and exterior improvements and other repairs prior to the sale, further adding to its appeal.”
Cantua continued, “We are seeing good activity in multifamily properties in the Ogden market this year—in March, I sold a 34-unit property on the west side, and now have a 10-unit historic property in downtown and a 12-unit property in south Ogden currently under contract to separate buyers. Notably, Ogden has some of the highest year-over-year rental increases in the area.”
A representative of Crapse Building One, LLC (seller) said, “Vicente did a fantastic job for us in selling Parkwood, despite a more challenging environment. We found his close communication and marketing approach extremely valuable through the entire process. Vicente produced a quick successful sale that really fulfilled our goals, even achieving a price 5% higher than our initial expectations.”
Parkwood Apartments is located at 120 Dan St and comprises all 20 (2)-bedroom units, 15 of which are 2-bed/2-bath and five 2-bed/1-bath units. The complex is situated near the intersection of Wall Ave and 200 S St and provides convenient access to Highway 89 and retail amenities. The location is approximately 40 minutes north of downtown Salt Lake City.
Cantua added, “Unique to the property is that it is also 100% Section 8 housing with a 20-year Housing Assistance Payments (HAP) contract that renewed in June 2020. Affordable housing remains in high demand in the area from tenants, with a constant waiting list.”
