CHICAGO and SALT LAKE CITY – October 30, 2020 – Berkadia today announced the sale of and financing secured for Seasons at Pebble Creek, a 300-unit garden-style multifamily property in Salt Lake City. Managing Director Greg Barratt of Berkadia’s Salt Lake City office together completed the sale on behalf of the seller, Utah-based Cruachan Capital. The deal closed on September 18.
Senior Director Michael Slovitt of Berkadia’s Chicago office secured $38.7 million in acquisition financing for the property on behalf of the buyer. The 12-year Freddie Mac loan features full-term interest-only.
“Despite the uncertainty felt around the pandemic, the Salt Lake City apartment market has seen rent collections at pre-COVID levels. In some submarkets we are even seeing rent growth,” said Barratt.
Located at 1616 W Snow Queen Place, Seasons at Pebble Creek features one-, two-, three- and four-bedroom floor plans with air conditioning, energy efficient appliances, walk-in closets, dishwashers and in-unit washers and dryers. Community amenities include a fitness center, two swimming pools, a playground, several outdoor grilling stations and a business center. Residents are afforded convenient access to Jordan Park, Sorenson Park, Glendale Golf Course and numerous shopping and dining options along Redwood Road.