Orion Real Estate Partners announced the acquisition of an active adult community in Utah. Built in 1997, Lakeside Village comprises 144 units and stands two stories tall in the greater Salt Lake City area. The seven-acre property consists of multiple amenities including a clubhouse, community pond, resident garden and outdoor swimming pool and spa. But, the property will undergo renovations to improve its amenities and unit interiors. Orion will utilize Salt Lake City-based property management company AMC to manage the community and secured a fixed rate loan from CBRE‘s San Diego Capital Markets team through Fannie Mae to finance the acquisition.
Orion partnered with Denver-based Headwaters Group and Atlanta-based Formation Development Group on the acquisition of this active adult community. As profiled on Levin Pro LTC last month, Headwaters Group announced its intention to increase its development and acquisition activity within the active adult market, so more announcements like these may be coming.
