Brinkman Real Estate Acquires Onyx Apartments, Third Asset in Salt Lake City MSA

Brinkman Real Estate partnered with Nella Invest to acquire Onyx Apartments located in Midvale, UT last week. The class A, boutique community features 48 luxury apartments, adding to Brinkman’s growing mountain states portfolio of more than 1,200 units. This marks Brinkman’s third acquisition in the Salt Lake City MSA.

Brinkman’s capital markets and legal teams led the loan assumption process, allowing Brinkman to execute on an attractive financing strategy. Brinkman assumed an in-place Fannie Mae loan at a very attractive 3.12% interest rate featuring nearly 10 years of interest only. The seller, Mercatus Partners, was represented by James and Andrew Wadsworth of Wadsworth Multifamily.

“We’re already seeing success at our other assets in the Salt Lake MSA,” reported Chief Acquisitions Officer Brett Silverstein. “We’re excited to keep our eye on deals in this area and become further embedded in these thriving communities.”

Onyx is a 48-unit apartment complex that was completed in 2021. The brand-new community features spacious one- and two-bedroom layouts with in-unit laundry, stainless steel appliances, walk-in closets, and balconies. The property is situated in Midvale just off Interstate 15, providing easy access to Salt Lake City and surrounding areas. With population growth over 25%, household incomes 20% higher than the national median, and strong employment drivers with nearly 200,000 jobs within a five-mile radius of the property, the market conditions are favorable for investment. Additionally, housing prices have grown nearly 30% in Salt Lake County, further pushing demand for rental supply.

Brinkman Real Estate intends on applying enhanced property management, as well as focusing on upgrading the common areas and leasing office and adding wayfinding signage to drive traffic to the asset.

“Multifamily in the Intermountain West continues to be a strong asset class,” said Brinkman Real Estate’s CEO, Kevin Brinkman. “We plan on continuing the pace we set this year and identifying markets like Midvale with key fundamentals of multifamily investment.”

This acquisition fits the profile of Brinkman Real Estate’s portfolio comprised of core-plus and value-add assets in markets with outsized population and job growth trends. They’ve set a blistering pace this year acquiring six assets and deploying over $150 million in the last nine months. The company is currently under contract on 400 additional units and seeks to deploy capital into similar markets throughout the region. While their current portfolio includes a diversity in assets, the company sees the multifamily sector as the biggest opportunity within the current economic landscape.

View Onyx Apartments Leasing Website >>