AIG Global Real Estate has formed a strategic joint venture with RedHill Realty Investors to acquire River Oaks Apartments & Suites, a 180-unit, garden-style apartment and extended-stay community in Salt Lake City.
River Oaks, constructed in 1999, is in the high-growth and high-barrier-to-entry market of Salt Lake Valley in West Jordan, the third largest city in Utah and a major suburb of Salt Lake City. River Oaks consists of five three-story exterior corridor walk-up buildings and one four-story extended stay building on more than seven acres. The transaction represents an opportunity to add significant value by converting the extended-stay units to traditional unit rentals to lower structural vacancy and expenses and renovating a portion of the existing classic units, the common areas and amenity spaces.
“Investors and tenants alike are attracted to Salt Lake City for its diverse economy and affordable and attractive lifestyle,” said Mark Hertz of AIG Glob
