Pine Cove Apartments
Multifamily | 5.97% CAP | 16 Units
Marketing description
COMPELLING MARKET FUNDAMENTALS
►ATTRACTIVE INVESTMENT MARKET | Greater Salt Lake City, as an anchor of the Wasatch Front, has been one of the fastest-growing regions in the United States, drawing investment across all industries. According to the Federal Reserve Bank of St. Louis, Greater Salt Lake City’s GDP has tripled in the last 20 years, from $42.8 billion in 2003 to $147.5 billion in 2023.
►FAVORABLE BUSINESS ENVIRONMENT | For the second consecutive year, U.S. News and World Report ranks Utah as the best state in the country, highlighting the state’s booming economy, advanced infrastructure and quality education. Arizona State University’s “Doing Business in North America” report ranks Salt Lake City as the top place in the nation for starting and operating a business.
►COMPELLING MULTI-FAMILY TRENDS | According to CBRE Research, renter-occupied units make up +/-30% of the housing units in West Valley City. The West Valley City multifamily sub-market had one of the highest best absorption numbers in Greater Salt Lake in 2024. Its occupancy at the end of that period was 92.6%.
Investment highlights
CBRE is pleased to present an multifamily investment opportunity in one of the fastest-growing regions in the U.S. Pine Cove Apartments, totaling sixteen (16) units, is situated in a peaceful suburban cul-de-sac that is 15 minutes south of Salt Lake City International Airport. Recently renovated, Pine Cove Apartments is a short drive to Valley Fair Mall and I-215 Freeway.
►ATTRACTIVELY-SIZED INVESTMENT | Totaling sixteen (16) units, the asset offers ease of ownership. With minimal common area maintenance, it can be managed in-house under new ownership.
►STRONG OCCUPANCY | All sixteen units are current occupied. A balanced mix of units attracts a diversified tenant pool that bolsters occupancy.
►VALUE-ADD OPPORTUNITY | Contracted rents are below market levels. Upcoming expirations provide an attractive opportunity to increase rent and boost yields.
ATTRACTIVE SUBURBAN LOCATION
►West Valley City, Utah, presents a compelling multi-family investment opportunity due to its attractive quality of life and robust employment factors. As the second largest city in Utah and a suburb of Salt Lake City, it offers a more affordable housing market while maintaining convenient access to the larger metropolitan area’s economic drivers.
►Employment in West Valley City is supported by a diverse economy and its proximity to major employment hubs in the Salt Lake Valley. Industries such as healthcare, manufacturing, and retail provide a stable job market. The ongoing development and investment in the city’s infrastructure further bolster economic growth and attract a growing workforce seeking accessible housing options.
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