GPR Ventures, a private equity real estate operator headquartered in the Bay Area with four offices in the Western U.S., has closed escrow on a two-building, 24-unit property in Salt Lake City. Capitol Estates is located down the street from the Utah Capitol and in close proximity to Salt Lake City’s downtown area and the Salt Lake City International Airport. Tenants have high walkability to local restaurants, coffee shops and parks.
“This asset contributes to one of GPR Ventures’ core objective of expanding our multifamily value-add base while continuing our expansion in the West,” said GPR Ventures co-founder and Managing Principal Glen Yonekura. “This new property adds a great value-add opportunity to our portfolio due to its prime location. We look forward to working with our local teams to execute significant upgrades throughout the buildings and provide the exceptional management services that our tenants have come to expect from GPR Ventures.”
About Capitol Estates
Located at 264 and 286 N. State Street in Salt Lake City, the Capitol Estates portfolio is comprised of two buildings. The 24 total units are a combination of studio, one-bedroom and two-bedroom floor plans, and the pet-friendly apartments offer private parking to residents.
GPR Ventures will work with its local property management team and construction company to execute renovations within all units within a 12-month timeframe. Planned capital improvements include interior upgrades to the bathrooms, the installation of in-unit washers and dryers, upgraded appliances and premium countertops. An office will also be converted into a 25th unit.
GPR Ventures Continues Expansion
Capitol Estates marks the fourth multifamily purchase in Salt Lake City since March 2021, when GPR Ventures closed escrow on The Ashwell, a single-building, 27-unit apartment property within the Marmalade neighborhood. In December 2021, GPR Ventures purchased the Alta View Apartments, a six-building, 64-unit residential project located at 1012 East Barbara Place, then acquired its third multifamily property in the city in February.
GPR Ventures first entered the market with the purchase of a 49,234-square-foot industrial warehouse situated on 3.65 acres in West Jordan, Utah. The single-building property remains fully occupied by a single tenant and was acquired by GPR Ventures in December 2020.
For more information on GPR Ventures and its complete portfolio, visit https://www.gprventures.com/.