Miller Estates Salt Lake City

Miller Estates Salt Lake City

Salt Lake City, Utah

Located in one of the most affluent neighborhoods in Salt Lake Valley, Miller Estates was under-managed by prior owner. Bascom upgraded the property with high-end unit interior renovation and washer & dryer hookup installation. These efforts allowed Bascom improve ocupancy, rental rates, and financial performance.

We discovered that the property was an original 160-acre land grant property. An tired brick building containing storage and a billiards room we discovered was the original Miller family home from the 1880. Original murals of settler wagon trains adorned the walls and an original mill stone was found buried in landscaping.  Bascom executed an extensive historic restoration of the home utilizing the historical society and local artisans.

Units
294
Renovation Budget
$3.8M (13,000/ unit)
Debt partner
Mass Mutual Life Insurance Co.
Equity Partner
Babson Capital- Mezz