SALT LAKE CITY, UT—Capstone Equity Solutions closed on an $8,900,000 preferred equity raise for the acquisition of Towers on Main: a 174-unit mid-rise apartment asset in Salt Lake City. The asset is situated on 3.12 acres between the city’s central business district and the popular Sugar House District.
The Capstone Equity Solutions team was led by Bryse Toothaker, Kyle Kaylor, Sean Henry, and Charlie Rimkus, who raised the equity on behalf of the sponsors, Denver-based Summit Capital Venture Group and Oklahoma-based Anthem Capital.
“The property is in an outstanding location within the submarket, has great bones, and is extremely well positioned for our client’s value-add program,” said Bryse Toothaker, director and co-lead of the Equity Solutions team.
Originally built in 1963, Towers on Main is comprised of studio, one-, two-, and three-bedroom apartment homes. Approximately 14% of units have already been upgraded with modern finishes including shaker cabinetry, subway tile backsplash, stainless-steel appliances, wood-style flooring, quartz countertops, tile shower surround, and a modern lighting package. The Summit & Anthem team will spend approximately $11,000 per unit in additional capital toward interior and common area upgrades.
“We are very excited about the acquisition and to employ multiple value enhancing strategies throughout the asset,” said Jason Marcotte, principal at Summit.
Towers on Main is located just east of I-15 and less than a mile north of I-80, giving it superb accessibility and proximity to employment nodes in Downtown Salt Lake City, the University of Utah and the Sugar House District.