Denver, CO (May 23, 2023)
Ascentris announced 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, a Class A multifamily property located in Salt Lake City, Utah.
The eight-story development will feature 193 residential units, 17,000 square feet of ground-floor retail, and three levels of structured parking.
LPG, together with partner EightBay Advisors, originally began development on Sugar Alley in 2020. In October 2022, when the property was approximately 85% through construction, a fire destroyed the wood-frame structure down to the three-story concrete podium.
Following the incident, Ascentris recapitalized the project and will partner with LPG to redevelop the property.
The Residences at Sugar Alley is located in the Sugar House micro-market, Salt Lake City’s most amenitized commercial district. The property sits directly across from Whole Foods and within one block of more than 100,000 square feet of retail and dining, including:
- Target
- Barnes & Noble
- Michaels
- Athleta
- Patagonia
- Nordstrom Rack
The development is also 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.
The property also benefits from a 40-year fixed-rate HUD loan, which supports the redevelopment of the project.
Sugar Alley represents Ascentris’ first investment in the Salt Lake City market and its first joint venture with Lowe Property Group.
“Ascentris is very excited to partner with LPG on this opportunity,” said Peter Savoie, Managing Director at Ascentris. “We believe The Residences at Sugar Alley is an excellent site within Sugar House, which is also LPG’s backyard. With LPG’s familiarity of the neighborhood, we believe the project will be a great addition to the community.”
“LPG is thrilled to rebuild what will be Salt Lake City’s preeminent multifamily project with a best-in-class partner like Ascentris,” said Alex Lowe, Principal at Lowe Property Group. “We appreciate the support of the Sugar House community and city officials as we navigated the path toward rebuilding. We believe strongly in the Sugar House neighborhood and look forward to delivering Sugar Alley to this vibrant community.”
About Ascentris
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 major property types and geographic regions throughout the United States.
Since 2003, Ascentris’ management team has followed an investment philosophy designed to provide investors with access to opportunities ahead of the market while delivering a high level of service, transparency and accountability.
Ascentris is a privately held and management-owned SEC-registered investment adviser committed to putting its investors’ needs first. Additional information is available at Ascentris.com.
About Lowe Property Group
Lowe Property Group (LPG) is a family-owned real estate development and investment firm based in Salt Lake City, Utah.
The company develops multifamily communities along the Wasatch Front and currently has more than 1,000 residential units under development or construction.
LPG’s private equity platform also invests in multifamily properties and other strategic real estate assets across the United States. More information is available at www.loweprop.com.
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