East Coast Multifamily Developer Purchases Millpond Apartments in American Fork, Utah.
Aldon’s entry into Silicon Slopes follows series of nationwide acquisitions in 2021.
BETHESDA, MD (SEPTEMBER, 23, 2021) — After more than 70 years in the Washington, DC market, Aldon, a premier owner, manager, and developer of multifamily assets based in Bethesda, Maryland, continues its strategy to expand the firm’s geographic footprint from its home marketwith the purchase of Millpond Apartments. Salt Lake City-based Tablerock Capital sourced the acquisition and participated in the purchase of the multifamily community and Rockville, MD-based LGA Capital sourced the debt financing.
Located at 79N. 1020 W. in American Fork, Utah, Millpond Apartments is located 30 miles south of Salt Lake City and 15 miles north of Provo in an emerging submarket often referred to as Silicon Slopes for its large and small technology companies that have moved into the area for access to a highly educated workforce and a favorable quality of life.
“This acquisition represents a major milestone in our company’s expansion into the west,”said Todd Bowen, chief executive officer for Aldon. “The Salt Lake City-Provo-Orem area continues to rank high as one of the strongest submarkets in the country with job and wage growth that far exceeds the national median—key indicators that make for attractive investment opportunities.”
Completed this past summer, Millpond Apartments sits on just over seven acres and includes 214 modern apartment homes in 12 three-story buildings. The community offers one, two, and three-bedroom floorplans with private, attached garages. Apartment homes feature 9-foot ceilings, stainless steel appliances, quartz countertops, wood floors, plush carpets, LED lighting, and soft-close cabinets. Community amenities include a clubhouse with a lounge, billiards, and foosball, a 24-hour state-of-the-art fitness center, a resort-style swimming pool, hot tub, and seating with fire pits.
Aldon kicked off a strategy to expand its geographic footprint from its home market in late July 2021 with multifamily property acquisitions in Raleigh, North Carolina, Greenville, South Carolina and San Antonio, Texas. With the purchase of Millpond Apartments, the company has invested nearly $300million and has added 1,147 apartments to its portfolio.
“Over the last 90 days, we have seamlessly closed on four transactions,” Bowen continued. “Thisendeavor is a huge accomplishment for our company and a testament to the teamwork, vision and hard work of our entire team.”
About Aldon
Aldon has been creating better places to call home since 1947. Based just outside of Washington, DC in Bethesda, Maryland, Aldon develops, owns, and manages properties in the Washington, DC metropolitan area, South Carolina, Texas, and Utah. Grounded in a firm commitment to exceptional service, Aldon seizes every opportunity to evolve the concept of modern apartment living while enriching the lives of every resident and bringing value to the surrounding community.For more information, visit aldonishome.com.
About Tablerock Capital
Based in Salt Lake City, Tablerock works collaboratively with state and local agencies to identify and improve critical communities. The firm’s unique, collaborative approach unlocks value for its investors and the local communities, generating superior risk-adjusted returns, while also providing safe and quality housing for those struggling to afford it. Tablerock takes pride in operating in good faith and fulfilling on its commitments to sellers, buyers, state and local authorities, renters, and investors. For more information, visit tablerock-capital.com.
About LGA Capital
Based in Rockville, MD, LGA Capital provides brokerage services for owners, operators, investors, and developers of investment grade commercial real estate through its Commercial Real Estate Finance platform. LGA leverages longstanding industry relationships with property, market, and portfolio-level analyses to successfully execute transactions. As part of the firm’sPrivate Placements platform, LGA represents companies nationwide pursuing a wide variety of opportunities. Brokerage services offered through LGA Capital CRE, LLC Member FINRA/SIPC. For more information, visit lgacapital.com.
Media Contact
Kris Warner
Maier & Warner PR
kris@maierwarnerpr.com
(301) 424-4141