CBRE sells 86-unit apartment community in Ogden

Ogden – CBRE facilitated the sale of The Lofts at Five Points, an 86-unit urban design multi-family community in Ogden, Utah, to HiCap Management, LLC.

CBRE Eli Mills and Patrick Bodnar represented the seller, Utah-based Crockett & Koehler, LLC, in this transaction. Jesse Weber, André Behrensand ryan jameson of CBRE Capital Markets’ Debt & Structured Finance arranged the financing.

Located at 455 Second Street in Ogden, The Lofts at Five Points was built in 2020 and spans 2.39 acres. The four-story, elevator-serviced community features 55 one-bedroom units and 31 two-bedroom units averaging 801 square feet. Unit amenities include modern design and finishes throughout, in-unit washers/dryers, high ceilings, and private balconies. Community amenities include a residents’ lounge, 24-hour fitness center, dog park, valet parking, secure access, on-site storage rental units, and 131 surface parking spaces .

“The directors of Crockett & Koehler Construction who developed the asset were forward thinking in the design and appearance of this property for a suburban location at the north end of the town of Ogden,” says CBRE’s Bodnar . “The great need for quality housing has been validated by the incredibly fast rental and high rental rates achieved. HiCap Management made a great decision buying the asset, expanding its portfolio in Utah. »

The Lofts at Five Points are close to major retail, entertainment and employment centers in the area, including Weber and Davis County. Located in Ogden, a downtown area 45 minutes north of downtown Salt Lake City, the property is near an IRS office, Ogden Depot, and Hill Air Force Base. . Many leisure options, schools and universities are located near the community.

“With occupancy rates in the Ogden market at an all-time high, as well as a lack of new apartment inventory in the pipeline, there is a perfect combination driving rents in this submarket,” added Mills of CBRE. “There’s still plenty of room to grow.”

The buyer, HiCap Management LLC, is a New York-based private real estate investment firm. This is HiCap’s fifth multi-family acquisition in the State of Utah in the past 24 months.