Wood Creek Apartments with 74 units in Ogden, Utah

Wood Creek Apartments is a multifamily apartment with 74 units across 15 buildings. It is located close to North Ogden Aquatic Center (0.2 mi), Crossroads at North Ogden (0.7 mi), and Ogden Nature Center (5.9 mi).

This property sits on 2.5 acres with an average unit size of 840 square. feet. The apartments were originally built in 2018 and were renovated in 2022, and include a dog park, clubhouse, and gym.

Local schools include North Ogden Elementary School (1.0 mi) with a 5/10 rating, Weber High School (2.1 mi) with a 6/10 rating, and Venture Academy (5.3 mi) with a 3/10 rating. Nearby colleges include Weber State University (9.8 mi), Park University at Hill AFB (19.0 mi), and Utah State University (44.6 mi).

The largest employers in the area include America First Credit Union (0.6 mi), Associated Food Stores (3.5 mi), and Nutraceutical (4.2 mi).

The business plan would be classified as a value-add strategy which in this case means major renovations, increasing rents, and increasing occupancy.

5 Highlights about this deal:

1. The property is being purchased for approximately $24.1 million.

2. The goal is to increase rents by 25% from $1,534 (in-place) to $1,877 (market average). Recent leasing activity is already 12% higher.

3. All units come with granite countertops, large walk-in closets, an oversized kitchen, a balcony, and direct access garages.

4. Ogden has projected 5-yr double-digit job growth (10.6%) and wage growth (12.5%).

5. A combination of appealing location, new vintage, moderate capital plan risk, and strong recent leasing is further enhanced by a favorable debt strategy, with the sponsor securing a 4.21% (5 years interest-only) loan.