Ogden – Los Angeles-based Orion Real Estate Partners (“Orion”) announced the acquisition of The Ranches, a rental townhouse community in North Ogden, Utah. Orion purchased the 79-unit apartment community in August 2022 and plans to invest approximately $900,000 in interior and exterior upgrades. The Ranches offers large, mid-sized 1,245 SF units and sits on a 5.8-acre site with plenty of amenities including a clubhouse, fitness center, community dog park, and playground . Built in 2018, there is minimal deferred maintenance and all units will receive upgraded stainless steel appliances, upgraded hardware and fixtures, vinyl flooring, and washer and dryer sets to bring rents in line with others high-end units from the immediate submarket. At about half the cost of owning a home, remodeled units are affordably priced and result in significant savings for renters.
Orion Real Estate Partners acquires its 22nd propertyTweet this
This is Orion’s second acquisition in Utah and the 22n/a global transaction since 2016, and the company is focused on expanding its portfolio in Utah and other high-growth western states. Ogden, Utah has been ranked among the nation’s 15 largest cities for two consecutive years by the Milken Institute, a testament to the city’s growth and resilience. 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-added, multi-family assets in western US markets with strong population and employment growth. Using proven institutional processes to source and manage investments, we identify assets with capital and operational repositioning opportunities to deliver attractive returns to our investors.
Orion, together with its subsidiaries, has acquired 2,704 units since 2016 and currently has 2,367 units in Colorado, Texas, Utah and California. For more information, please visit: http://orionrep.com/