Ascentris, Lowe Property Group to Redevelop The Residences at Sugar Alley in Salt Lake City’s Sugar House Neighborhood.
Denver, CO (May 23, 2023) – Ascentris, a Denver-based real estate private equity firm, announced today the formation of a joint venture with Salt Lake City-based developer Lowe Property Group (“LPG”) to recapitalize and redevelop The Residences at Sugar Alley (“Sugar Alley”), a Class A multifamily property located in Salt Lake City, Utah. The eight-story property will feature 193 units above 17K sf of ground-floor retail and three levels of structured parking.
LPG, with its partner EightBay Advisors, began development on Sugar Alley in 2020. In October 2022, when the property was approximately 85% through construction completion, a fire occurred that burned the property’s wood frame structure down to the three-story concrete podium. Ascentris re-capitalized the property and, together with LPG, will re-develop The Residences at Sugar Alley.
The Residences at Sugar Alley is located in the heart of the Sugar House micro-market, Salt Lake City’s most amenitized commercial neighborhood, directly across the street from Whole Foods and within one block of over 100K sf of ground-floor food and beverage establishments, big-box retailers, including Target, Barnes & Noble, and Michaels, and soft-good retailers, including Athleta, Patagonia, and Nordstrom Rack. Additionally, the Property is located one block from Sugar House Park, a 110-acre park with sports fields, courts, and playgrounds, that connects to Parley’s Trail, an eight-mile walking and biking trail. Sugar Alley also benefits from a 40-year fixed rate HUD loan. These characteristics, combined with the property’s best-in-class construction quality, unit finishes, and amenities, make The Residences at Sugar Alley an excellent re-capitalization and development opportunity.
Sugar Alley marks Ascentris’ first investment in the Salt Lake City market and Ascentris’ first joint venture with Lowe Property Group.
“Ascentris is very excited to partner with LPG on this opportunity.” said Ascentris Managing Director Peter Savoie. “We believe The Residences at Sugar Alley is an excellent site within Sugar House, which is also LPG’s backyard. With LPG’s intimate familiarity of Sugar House, Ascentris believes that Sugar Alley will be a great addition to the neighborhood.”
“LPG is thrilled to rebuild what will be Salt Lake City’s preeminent multifamily project with a best-in-class partner like Ascentris.” said LPG’s principal Alex Lowe. “We appreciate the support of all stakeholders including the Sugar House community and City officials as we have navigated uncharted territory on the path to rebuilding. We believe in the Sugar House community, as evidenced by our headquarters being located here, and we look forward to adding Sugar Alley to this already vibrant community.”
Ascentris is a real estate private equity firm based in Denver, Colorado that manages a series of fully discretionary institutional vehicles targeting both value-add and core investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure for the purposes of getting its investors to opportunities ahead of the market and providing unmatched level of service, transparency, and accountability. Ascentris is a privately held and management-owned SEC-registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at Ascentris.com.
About Lowe Property Group
Lowe Property Group (LPG) is a family real estate development and investment firm located in Salt Lake City, Utah. LPG is continually expanding its presence through both new construction and acquisition of existing communities. The development arm of LPG is focused on multifamily development along the Wasatch Front and currently has over 1,000 residential units under development and construction. The other half of LPG’s business, its private equity arm, invests in multifamily properties and other strategic assets throughout the United States. For more information, please visit www.loweprop.com.