Virtú Investments Acquires Remington Place in Orem, UT
May 12, 2015
*Orem, UT*— Virtú has acquired Remington Place, a 113-unit apartment community located at 1219 South 580 West Orem, UT.
The property offers a value-add proposition in an excellent location within 300 yards of one of the fastest growing universities in Utah. In purchasing Remington Place, Virtú sees an obvious value-add opportunity. A well-executed interior and exterior renovation will allow us to achieve the rent rates that are currently being attained by renovated assets in the submarket. This value-add renovation, in combination with extremely high occupancy, a lack of new supply in the area, and the availability of exceptional long term financing make this investment attractive on a risk adjusted basis.
Virtú purchased the asset from its original developer in an off-market transaction. Remington boasts a strong unit mix that plays well to student renters, ample onsite parking, and balcony views of the local lake. The property has not been modernized to attract the surging demographic demand for walk-able, value-oriented, apartment living near the university.
The local apartment market is exceptionally strong. The current occupancy rate at Remington is holding at 96% and both the submarket and Greater Salt Lake area at large are approaching 96% occupancy.
With the use of flexible financing, this investment offers two possible business plans and exit strategies. Under our base case, we are preparing the property for long term ownership.
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