Brinkman Executes on Strategic Acquisitions Plan with Eversage Purchase
Brinkman-Acquires-Eversage-Utah

Brinkman Executes on Acquisition Plan with Purchase of Utah Multi-Family Community


As part of their strategic focus on the Utah market, real estate investment and development company, Brinkman, just closed on an existing multi-family community in Payson, Utah.  Eversage, a newly constructed, 168-unit complex includes one-, two- and three-bedroom units.

The project was completed in 2019 and provides best-in-class amenities including a well-appointed fitness center with top-of-the-line equipment, a resort-inspired pool and spa, private garages, and outdoor grilling stations. A stylish clubhouse and firepit with seating provide luxurious spaces for relaxation.

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% interest rate. Brady O’Donnell, Jeff Halsey and Jill Haug with CBRE Capital Markets’ Debt & Structured Finance group in Denver arranged the acquisition financing

The seller was represented by CBRE’s Salt Lake City-based Multifamily Sales team of Eli Mills and Patrick Bodnar.

Brinkman was 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.

Founded in Colorado, this marks the first transaction for the company in Utah, however, they have been evaluating opportunities in the region throughout the past year.  With its similarities to the Denver market and strong economic, population and employment growth, they are committed to further expansion into Utah.

“We are actively pursuing acquisitions opportunities throughout Utah,” said Kevin Brinkman, CEO of Brinkman. “We believe in this market and we think we will continue to see attractive investment opportunities here that benefit from market corrections.  We will be evaluating all asset classes but will primarily be seeking multi-family acquisitions.”

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.

Kevin BrinkmanActively Seeking Acquisition Opportunities

Contact us today to learn more.

 

Back to News