A joint venture between Alpha Development Group and Bow River Capital has successfully closed on a $58 million bridge financing facility for the refinancing of two newly completed multifamily projects in Heber Valley, Utah. ArrowMark Partners provided the three-year fixed-rate loan to retire existing construction loans and support the lease-up process for the Klein Huis at Turner Mill and Sequoia Apartments at Turner Mill properties in Heber City, Utah.
Both properties, comprising a total of 286 residential units, were completed in 2024. Jack Tidrick of KeyBank Real Estate Capital negotiated the financing. This transaction underscores the continued momentum in the region's housing sector.
Strategic Positioning in a Growth Market
Rob Brown, Portfolio Manager and Head of Real Estate at ArrowMark Partners, expressed a positive outlook on the prospects of both projects. He highlighted the favourable positioning of the properties given the shortage of multifamily housing in Heber City, a location within commuting distance of Salt Lake City and Park City. Mr Brown noted that the Greater Salt Lake region and the immediate vicinity of Park City have experienced strong population growth in recent years. This has led to significant increases in the cost of home ownership, compelling a growing number of individuals to rely on rental housing.
The Sequoia Apartments at Turner Mill, located at 105 East Turner Mill Road, offer 145 residential units with one to three bedrooms. The amenities at the complex include a swimming pool, a fitness centre, a pickleball court, and a dog run. The Klein Huis at Turner Mill, at 144 East Turner Mill Road, features 141 townhouse-style residential units with one to three bedrooms.
Property Features and Amenities
The high-quality amenities of the properties contribute to their attractiveness to tenants and support the lease-up process in a competitive market. The modern residential complexes offer a wide range of recreational opportunities and facilities for their residents. This meets current demands and expectations for contemporary living.
- —Sequoia Apartments: Swimming pool, fitness centre, pickleball court, dog run.
- —Klein Huis: Fire pit, barbecue area, dog run, disc golf.
