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Clear Capital LLC
FOUNDED: 1996
HEADQUARTERS: Irvine
FOUNDERS: Eric Sussman, Greg Worchell, Daniel Hardy, Paul Pellizzon
BUSINESS: Multi-Family Real Estate
RECENT ACQUISITION: 96-Unit Value-Add Apartment Community in West Valley City, Utah.
Irvine, CA – June 26th, 2021 – Clear Capital LLC, a Los Angeles – based private equity real estate investment firm, specializing in multifamily real estate investments, recently acquired Mountain View, a 96-unit multifamily property in the bustling community of West Valley City, Utah. Upon closing the property will be rebranded from Mountain View to Aspire West Valley.
Constructed in 1985, Mountain View Apartments is situated on 3.90 Acres at 4656 South 3860 West, West Valley City, Utah 84120. The community offers a favorable unit mix of two-bedroom one-bathroom floorplans that include full-size washer and dryers inside the units, along with amenities such as covered parking, a swimming pool, a BBQ area, and a playground.
“The Salt Lake City metro area, particularly in emerging markets like West Valley City, features compelling multifamily fundamentals,” says Enrique Huerta, the Vice President of Acquisitions at Clear Capital. “As a disciplined investment firm, we identified Salt Lake City and the surrounding metro as an attractive region to invest in given the favorable historical trends, and the positive projected population growth, job growth, and rental rate growth over the next several years.”
The purchase marks Clear Capital’s 23rd multifamily investment and its 1st acquisition in Utah. Clear Capital’s recent purchase highlights the company’s investment thesis of purchasing value-add opportunities with strong cash flow, significant locational upside, and operational improvements. This property aims at providing investors a current cash yield with a double-digit levered IRR over a 5-year hold period. “We are excited about the current acquisition and look forward to sharing the additional opportunities our firm has in the pipeline in Utah over the next several months” stated Eric Sussman, Founding Partner and CEO of Clear Capital. “Clear Capital identifies growing markets and acts quickly to identify strong value-add investment opportunities that create significant value for its investors.”
Located 12 miles north of Salt Lake City, the well positioned Mountain View apartments serve the vibrant community of West Valley City, Utah. Salt Lake City has proven to be one of the hottest secondary markets in the United States due to the development of “Silicon Slopes” as a hub for technology companies and economic growth located in Utah. “The state’s population growth is up 16% (1) for the year, ranking first in the US in cumulative growth”, according to data from the US Census Bureau. A fairly recent airport redevelopment and an industrial boom in the metro are additional factors making the region an attractive investment locale. The Mountain View community is an ideal distance to Utah’s amazing recreational offerings such as hiking, skiing, and golf all within an hour drive, making outdoor activities easily accessible to the enthusiast.
Quick Facts Utah: https://census.gov/quickfacts/UT
About Clear Capital, LLC
Clear Capital, LLC is a private equity real estate investment firm with a 20+ year track record of creating significant value for investors. Since its inception in 1996, Clear Capital’s principals, which combined have over 100 years of real estate investment experience, have applied a distinctive approach to investing across the US Sunbelt markets. Specific markets include Los Angeles and the Inland Empire in California and more recently Texas (Dallas/Fort Worth), Colorado (Denver/Colorado Springs), and Arizona (Phoenix). Clear Capital and its affiliates control over $800 million in multi-family real estate investments that have consistently produced strong average returns in the mid-to-upper teens.
For more information or to make an investment, please visit clearcapllc.com. You can also follow us on Twitter, LinkedIn, Facebook, or Instagram for the latest company developments.
Contact:
Tania Kapoor Mirchandani
Vice President Capital Markets
tania@clearcapllc.com / (323) 642 – 9632
