Los Angeles-based Orion Real Estate Partners ("Orion") announced today that it has acquired the Ranches, a build-for-rent townhome community in North Ogden, Utah. Orion purchased the 79-unit apartment community in August 2022 and plans to invest approximately $900k in interior and exterior improvements. The Ranches offers large 1,245 average SF units and sits on a 5.8-acre site with ample amenities including a clubhouse, fitness center, a community dog park and playground. Built in 2018, there is minimal deferred maintenance and all units will receive upgraded stainless steel appliances, modernized hardware and fixtures, vinyl flooring, and washer and dryer sets to bring rents in line with other premium scope units in the immediate submarket. At roughly half the cost of owning a home, the renovated units come at an affordable price tag and drive significant cost savings for tenants.
This marks Orion's second acquisition in Utah and 22nd deal overall since 2016, and the firm is focused on expanding its portfolio in Utah and other high growth western states. Ogden, Utah was ranked in the top 15 large cities in the country for two years in a row by the Milken Institute, a testament to the growth and resilience of the city. Orion secured a fixed rate loan for up to 10 years from CBRE Multifamily Capital through Fannie Mae, protecting the investment against rising interest rates.
About Orion Real Estate Partners: Orion Real Estate Partners is a private real estate investment firm that targets value-add multifamily assets in western US markets with strong demographics and job growth. Utilizing proven institutional processes to source and manage investments, we identify assets with capital and operational repositioning opportunities to provide attractive returns for our investors.
Orion, together with its affiliates, has acquired 2,704 units since 2016 and currently owns 2,367 units in Colorado, Texas, Utah and California. For more information, please visit: http://orionrep.com/