Los Angeles based Orion Real Estate Partners (“Orion”) announced today that it has acquired Lookout Pointe Apartments, a garden-style apartment community in Provo, Utah. Orion purchased the 115-unit apartment community in June 2020 and plans to invest approximately $1.1mm in interior and exterior improvements. The Property is located in an irreplaceable location as it overlooks Provo from a perch in the foothills of the Wasatch Mountains in a desirable residential neighborhood. Additionally, the Property is within close proximity to the two largest universities in Utah, Brigham Young University (31k students) and Utah Valley University (40k students), and benefits from its access to the booming technology center known as “Silicon Slopes.” The Property is well positioned to take advantage of one of the fastest growing tech hubs in the country, anchored by two large universities, and the highly desirable lifestyle that Utah has to offer.
This is Orion’s first acquisition in Utah and the firm anticipates expanding its portfolio in Provo and Salt Lake City. Orion has a favorable long-term outlook on these markets and expects that they will continue to outperform the nation in terms of job and population growth. CBRE Multifamily Capital provided an acquisition loan through Freddie Mac and Orion engaged Salt Lake City based Apartment Management Consultants (“AMC”) to provide property management services.
About Orion Real Estate Partners: Orion Real Estate Partners is a private real estate investment firm that targets value-add multifamily assets in Western US markets with strong demographics and job growth. Utilizing proven institutional processes to source and manage investments, we identify assets with capital and operational repositioning opportunities to provide attractive returns for our investors.
Orion, together with its affiliates, has acquired 1,486 units and currently owns 1,149 units in Colorado, Texas and Utah. For more information, please visit: http://orionrep.com/.