As part of their focus on real estate acquisitions, real estate investment and development company, Colorado-based Brinkman just closed on an existing multi-family community in Payson, Utah. Eversage, a newly constructed, 168-unit complex is located within the fastest-growing region of the Greater Salt Lake Area, the Provo MSA.
The project was completed in 2019 and provides best-in-class amenities and finishes while being the low-price leader in rent, proving exceptional value to tenants and making its upside potential highly attractive.
Brinkman’s focus on acquisitions has been ongoing and the company capitalized on market conditions to execute on the transaction amidst the COVID-19 pandemic. The unprecedented deal terms included a 10-Year Fixed Rate Freddie Mac loan at a 2.76 percent interest rate.
They were able to model conservative projections accounting for the current market environment to realize the value of this investment to generate a unique risk/return profile for investors.
This marks the first transaction for the company outside of Colorado, however, they have been evaluating opportunities in the Utah market throughout the past year. Often touted, “The Next Denver,” the Greater Salt Lake City area is continually ranked one of the top markets for economic, population and employment growth.
“We are actively pursuing acquisitions opportunities throughout Colorado and the Mountain States Region,” said Kevin Brinkman, CEO of Brinkman. “We believe these will provide attractive investment opportunities that benefit from market corrections. We will be evaluating all asset classes but will primarily be seeking multi-family acquisitions.”
The Denver CBRE Capital Markets team of Brady O’Donnell, Jeff Halsey and Jill Haug arranged the financing for the transaction.
Since their founding, Brinkman has developed and acquired over $400 million in project volume. Their portfolio includes a diversity in assets from multi-family, mixed-use, office, hospitality and retail.
