SALT LAKE CITY, UT – May 17, 2018 – San Francisco-based real estate investment firm Hamilton Zanze is pleased to announce the sale of the Fox Creek Apartments to Olympus Holdings, a New Jersey-based investment firm. The apartment community is located just outside of Salt Lake City, in the suburban community of Layton, Utah. Hamilton Zanze has owned the property since late 2012.
Built in 1985, Fox Creek is located at 1656 N Hill Field Road and offers 186 one- and two-bedroom units. Its 152,309 net rentable square feet had a high occupancy rate at the time of disposition. The community features a central exterior pool and hot tub, an inviting fitness center, and beautiful architecture well-suited to its mountain context. Most units also benefit from spectacular mountain views.
“With Fox Creek, Hamilton Zanze owned an asset with significant upside,” said Ashlee Cabeal, Hamilton Zanze’s senior director of dispositions. “We were able to execute our business plan through strategic property improvements, which added great value for the residents and attracted buyer interest. Given the property’s high growth location, we believe this was an ideal time to sell, resulting in a great outcome for HZ and our investors.”
During its ownership, Hamilton Zanze added value to the property though renovation projects that included significant upgrades to the individual units, upgraded plumbing across the entire community, a remodel of the leasing office, and the addition of both a fitness center and a dog park.
Well-situated between Utah’s largest markets of Salt Lake City and Ogden, Layton is a community ideal for urban commuters looking for a quieter home base. It lies adjacent to the FrontRunner commuter rail system, easing access to these nearby metro markets.
The city is also a regional leader for economic development, with immediate adjacency to Hill Air Force Base, a large hospitality district and conference center, the East Gate Business Park, and the Weber State University-Davis campus. Its proximity to the Wasatch mountain range also makes the market a popular one for Utah’s numerous outdoors aficionados.