A JV between New York-based Atlas Real Estate Partners and Truckee-based OpenPath Investments have sold Hidden Cove Apartments, a 144-unit garden-style apartment community located in Layton, UT. The property was 99% occupied at the time of the sale. The investment achieved a 32% IRR and 2.7x equity multiple in just under 4 years.
Atlas/OpenPath bought the property in June 2013 in an off-market transaction and completed a modest value-add program. “This was an excellent transaction for Atlas and its investors in that it showcased our value-add investment strategy of buying under-managed apartment communities located in growing submarkets. The favorable macro trends of the apartment market, combined with the growth of the greater Salt Lake market and our value-add expertise, enabled us to deliver superior risk-adjusted returns to our investors,” said Arvind Chary, Managing Principal at Atlas.
Atlas/OpenPath also implemented a resident-driven community building program known as Urban Village. “By having a say in their property, resident’s feel more engaged which in turn creates a unique community atmosphere and ultimately a higher quality of life for our residents,” said Peter Slaugh, Managing Director at OpenPath. Atlas continues to target value-add multifamily assets throughout select markets around the country and is looking to grow its platform substantially in 2017.
