Capital Allocation Partners Completes First Deal Outside Arizona with Purchase of SLC Apartments
CAP adds to Portfolio with the Acquisition of Crandall Apartments in the booming SLC Metro
Situated near the University of Utah, Crandall Apartments boasts large apartment units that will undergo significant capital improvements on both the interior and exterior. The Project will undergo several enhancements that make the overall apartment community more inviting to its tenants while maintaining the complex's unique "character". Capital Allocation Partners has been wanting to expand its portfolio outside of Arizona's borders and it felt SLC provided a great opportunity.
Managing Director, Nathan Reid shared his thoughts: "Capital Allocation Partners is excited to announce our first deal in the Salt Lake City market. SLC has similar characteristics to the Phoenix Metro area with a rapidly growing population and economy (Goldman Sachs has its largest office outside of New York in downtown Salt Lake), an extremely low unemployment rate and a tight housing supply. We look forward to repositioning this asset and finding more deals in Utah."
The Project marks another acquisition for Capital Allocation Partner's Fourth Fund, Arizona Opportunities Fund IV. The Company's due diligence and connection network is providing several referrals for the Utah market to ensure the project is in good hands. Additionally, management has spent and will continue to spend time in SLC during the duration of this project to ensure everything goes according to plan. Capital Allocation Partners benefits from numerous competitive advantages and has an appetite and available capital in Arizona Opportunities Fund IV raised for additional projects.
About Capital Allocation Partners
Capital Allocation Partners ("CAP") was started in 2011 by Nathan Reid with the intent to invest in value-add multi-family real estate, medical office buildings and operating businesses. Since its inception, the Company has invested in 14 projects out of two real estate funds and is currently investing out of its third real estate fund, Arizona Opportunities Fund III. Additionally, the Company has two platform service businesses under its management. The Company focuses on purchasing value-add opportunities and re-positioning the asset to create shareholder value. The Company abides by a strict investment thesis to source and purchase each deal at a discounted rate to market and implements its investment plan to generate high returns for its shareholders. Capital Allocation Partners is focused on always putting its shareholder first and generating the highest return to its shareholder.
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