{"id":145098,"date":"2021-10-06T22:45:00","date_gmt":"2021-10-06T22:45:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2926136"},"modified":"2021-10-06T22:45:00","modified_gmt":"2021-10-06T22:45:00","slug":"clear-capital-acquires-76-unit-multifamily-property-in-clearfield-utah","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2021\/10\/06\/clear-capital-acquires-76-unit-multifamily-property-in-clearfield-utah\/","title":{"rendered":"Clear Capital Acquires 76 \u2013 Unit Multifamily Property in Clearfield, Utah"},"content":{"rendered":"

\"5402<\/p>\n

\"2021-07-27_17-24-53\"<\/p>\n\n\n\n\n
Clear Capital LLC<\/strong><\/td>\n<\/tr>\n
FOUNDED: <\/strong>1996<\/p>\n

HEADQUARTERS:<\/strong> Irvine, Los Angeles<\/p>\n

FOUNDERS: <\/strong>Eric Sussman, Greg Worchell, Daniel Hardy, Paul Pellizzon<\/p>\n

BUSINESS: <\/strong>Multifamily Real Estate<\/p>\n

RECENT ACQUISITION:<\/strong> 76 -Unit Value-Add Apartment Community in Clearfield, UT<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Irvine, CA \u2013 September 30th, 2021, Clear Capital, a Los Angeles and Irvine based private equity real estate investment firm specializing in multifamily investments, recently acquired Cove on Bruce, a 76 – unit multifamily property in Clearfield, UT, just 30 minutes North of downtown Salt Lake City. The asset will be re-branded \u201cThe Cove\u201d apartments upon takeover.<\/p>\n

Constructed in 1983, Cove on Bruce is situated on 3.67 acres at 400 North Bruce Street in Clearfield, UT. The community has a desirable unit mix of 100% 2-bedroom 1-bathroom flats. Clear Capital plans to continue renovations on the remaining 21 classic units. The renovation scope will include new cabinets, hard surface countertops, stainless steel appliances, new lighting, and plumbing hardware, in unit washer and dryers and new wood-style flooring throughout.<\/p>\n

\u201cCove on Bruce was sourced off-market through Clear Capital\u2019s robust network of broker and owner relationships. Given Clear Capital\u2019s presence in the Salt Lake City region and strong reputation, we were provided with a \u201cfirst-look\u201d at this compelling opportunity and moved quickly to acquire the asset prior to it going through a formal marketing process,\u201d stated Enrique Huerta, Vice President of Acquisitions for Clear Capital. \u201cCove on Bruce is a light value-add investment opportunity with a shorter-term hold that will provide our investors with exposure to the growing Northern Salt Lake City region.\u201d<\/p>\n

The purchase marks Clear Capital\u2019s 25th<\/sup> multifamily Investment and is the firm\u2019s third acquisition in Utah. Clear Capital\u2019s recent purchase highlights the company\u2019s investment thesis of purchasing value- add opportunities with strong cash flow, significant location upside, and operational upside. This investment aims at providing investors a current cash yield with a double-digit levered IRR over a 3-Year hold period. \u201cCove on Bruce was a strategic acquisition that allowed Clear Capital to increase its presence in the State of Utah while capitalizing on growing submarkets outside of Salt Lake City proper. We anticipate strong rental growth in the outlying suburbs of Salt Lake City, including Clearfield, over the next several years and this acquisition is a perfect fit for our thesis\u201d stated Eric Sussman, a founding partner of Clear Capital, LLC. \u201cWe\u2019re thrilled to contribute to the revitalization of the much-needed housing stock in Clearfield.\u201d<\/p>\n

Cove on Bruce is ideally located, not only with access to the Weber and Davis County employment centers, but also close to recreational activities in the nearby mountain resorts and nature preserves. Davis and Weber Counties are the 3rd<\/sup> and 4th<\/sup> most populous counties in the state of Utah. The population in Davis and Weber Counties has grown 13% over the last ten years, adding nearly 71,000 new residents. The area\u2019s population is expected to increase an additional 15% by 2030, adding 93,000 new residents over the next decade.<\/p>\n

About Clear Capital<\/strong><\/p>\n

Clear Capital is a private equity real estate investment firm with a 20+ year track record of creating significant value for investors. Since its inception in 1996, Clear Capital\u2019s principals, who combined have over 120 years of real estate investment experience, have applied a distinctive approach to investing across the Sunbelt markets. Specific markets include Los Angeles and the Inland Empire in California, and more recently Colorado (Colorado Springs, Lakewood), Texas (Dallas\/Fort Worth), Arizona (Phoenix), Oregon (Oregon City), and Utah (Salt Lake City). Clear Capital and its affiliates control over $950 million in multifamily real estate investments that have consistently produced strong returns in the mid-to-upper teens.<\/p>\n

For more information or to make an investment, please visit clearcapllc.com. You can also follow us on Twitter, LinkedIn, and Facebook for the latest company developments.<\/p>\n

Tags: Private Equity<\/a>, Investors<\/a>, real estate<\/a>, multifamily<\/a>, Investing<\/a> <\/p>\n

See Campaign: <\/strong>https:\/\/www.Clearcapllc.com<\/a>
Contact Information:<\/b>
Name: Tania Mirchandani
Email:tania@clearcapllc.com<\/a>\/ (323) 642 \u2013 9632
Designation: Vice President Capital Markets<\/p>\n

Tags:<\/b>
PR-Wirein<\/a>, Financial Content<\/a>, Menafn<\/a>, Real Estate Investing<\/a>, IPS<\/a>, Reportedtimes<\/a>, Google News<\/a>, iCN Internal Distribution<\/a>, Wire Real Estate<\/a>, Extended Distribution<\/a>, English<\/a><\/p>\n<\/div>\n

\n

Contact Information:<\/h3>\n

Name: Tania Mirchandani
Email:tania@clearcapllc.com<\/a>\/ (323) 642 \u2013 9632
Designation: Vice President Capital Markets<\/p>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Clear Capital LLC FOUNDED: 1996 HEADQUARTERS: Irvine, Los Angeles FOUNDERS: Eric Sussman, Greg Worchell, Daniel Hardy, Paul Pellizzon BUSINESS: Multifamily Real Estate RECENT ACQUISITION: 76 -Unit Value-Add Apartment Community in Clearfield, UT   Irvine, CA – September 30th, 2021, Clear Capital, a Los Angeles and Irvine based private equity real estate investment firm specializing in […] Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":291,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-145098","post","type-post","status-publish","format-standard","hentry","category-press-release"],"yoast_head":"\nClear Capital Acquires 76 \u2013 Unit Multifamily Property in Clearfield, Utah - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ipsnews.net\/business\/2021\/10\/06\/clear-capital-acquires-76-unit-multifamily-property-in-clearfield-utah\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Clear Capital Acquires 76 \u2013 Unit Multifamily Property in Clearfield, Utah - 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