TruAmerica Multifamily, a national, institutionally-focused multifamily investment firm, acquired The Falls at Canyon Rim, a 288-unit multifamily property located in South Ogden, Utah, approximately 25 miles north of Salt Lake City.
“We are excited to bring Falls at Canyon Rim into our portfolio, reinforcing our dedication to the Salt Lake City MSA. South Ogden lends itself to significant growth potential and is only 30 minutes from downtown Salt Lake and the airport,” said Wes LaBar, Director of Acquisitions of Los Angeles-based TruAmerica. “As part of our value-add improvement strategy that aims to build better communities, we plan to improve apartment interiors as well as resident common areas across the property.”
The Falls at Canyon Rim offers six unique floorplans ranging from one- to three-bedroom apartment homes, averaging nearly 1,200 square feet. Additionally, the community features premium amenities including a swimming pool, year-round hot tub, 24-hour fitness center, BBQ grills, two playgrounds, basketball and tennis courts, a recreation room, and a dog park. Strategically positioned within South Ogden on a 14.5-acre site, The Falls at Canyon Rim is located directly off Highway 89 in Weber County and is a 20-minute drive to Snowbasin Ski Resort, 30 minutes to Nordic Valley Ski Resort, and is surrounded by endless hiking trails, making it a homestead of active living.
Weber County has a diverse labor force of nearly 140,000 people and the vast region encompasses a broad spectrum of sectors such as health care, military, industrial, government, manufacturing, retail, and office spaces. The multifaceted economic landscape of Weber County underscores the dynamic and resilient nature of the Falls at Canyon Rim’s strategic location, firmly rooted in a region of diverse opportunities.
The seller was represented by Institutional Property Advisors, a division of Marcus & Millichap.
TruAmerica Multifamily is a national, vertically integrated, institutionally-focused multifamily investment firm based in Los Angeles. Founded in 2013, the firm is one of the most active value-add multifamily investors in the United States, today holding roughly $15 billion of assets under management. TruAmerica has regional headquarters in Arlington, VA, Miami, FL, Dallas, TX and Seattle, WA. The firm is ranked as the 24th largest multifamily owner in the United States by the National Multifamily Housing Council, having assembled a national portfolio of approximately 60,000 units, totaling nearly 280 properties in 16 states and more than 30 markets.
