Since its inception in 2012, Restore Utah and Goldman Sachs Urban Investment Group have revitalized low- and moderate-income neighborhoods by transforming vacant or neglected properties hard hit by the financial crisis into quality affordable rental homes for low-income families.
On February 17, 2017, Goldman Sachs increased its equity commitment to Restore Utah, LLC's Multifamily Acquisition Fund to $24 million, enabling Restore Utah to significantly increase its acquisitions and improve affordable housing throughout the Wasatch Front.
Restore Utah has also recently acquired The 500, a 109-unit apartment community in South Salt Lake.
Over the past five years, Restore Utah and Goldman Sachs have invested over $140 million to acquire and renovate over 500 single-family homes and six multifamily properties totaling over 370 units while also creating jobs in a sector that has suffered significant job loss. Over 84% of the homes are focused on serving low- and moderate-income communities and residents.
The 500 is a 109-unit community that offers large two bedroom apartment and townhome units conveniently proximate to downtown in South Salt Lake. Amenities at The 500 include a swimming pool, playground, large private patios and covered parking. Restore Utah plans to enhance the community through interior renovations and a common area overhaul that will include a dog park and gathering pavilion.
"We are pleased with this further investment from Goldman Sachs and the acquisition of The 500. We are optimistic regarding the Salt Lake market with the fastest growing state population in the nation, strong job growth and low unemployment. Salt Lake City is ranked 7th nationally for the best place for Business and Careers," said Jim Schulte, President at Restore Utah. "Goldman Sachs's investments over the past two years have enabled us to acquire six multifamily communities in the past 18 months consisting of over 370 units focused along the Wasatch Front. Restore Utah seeks to acquire 200 to 300 more units in 2017 to help revitalize existing apartment buildings and neighborhoods."
"Deepening this partnership with Restore Utah is part of Goldman Sachs's commitment to making meaningful investments in the cities where we live and work," says Margaret Anadu, Goldman Sachs Managing Director and head of the Urban Investment Group. "This partnership exemplifies an innovative solution to addressing the affordable housing need in the local market."
Restore Utah is an opportunistic real estate investment company and operator with a unique capability to match the needs of capital partners with attractive targeted opportunities. The firm was founded in 2012 by principals of McKinley Realty Partners and since that time has invested in $140 million of residential rental properties. Leveraging the insight of its partners gained over multiple real estate cycles, the firm is now utilizing the platform to grow into new areas.
Restore Utah's partners have experience in repositioning residential rental properties and complex land entitlement. Its affiliates Restore Utah Construction and Restore Solar and Electric are licensed general and electric contractors.
Established in 2001, the Urban Investment Group deploys the firm's capital by making investments and loans that benefit urban communities. Through its comprehensive community development platform, UIG is a catalyst in the revitalization of underserved neighborhoods. UIG has committed over $5.3 billion, facilitating the creation and preservation of over 20,700 housing units - the majority of which are affordable to low, moderate and middle-income families - as well as over 2,000,000 square feet of community facility space and over 6,100,000 square feet of commercial, retail, and industrial space. UIG has committed over $775 million in Utah.