Value Add Multifamily

Opportunity

In 2020, Buligo Capital acquired a stabilized class-A residential community situated in the heart of Salt Lake City, Utah. Expanding its multifamily footprint in the U.S. Mountain West has been a strategy for Buligo for a number of years. We capitalized on one of the fastest growing metros in the nation that has enjoyed over a decade of significant expansion in jobs, population, median income and new developments. Milagro Apartments was an ideal investment choice given its excellent location and best-in-class amenities coupled with our strategy of improving day-to-day property management and raising rental rates.

Location

The property boasts a superior downtown location with walkability to dozens of restaurants, light rail stops, entertainment options and retail centers. Utah’s tech corridor, known as ’Silicon Slopes’, is attracting many hi-tech companies to the area as well as a growing, young workforce. The lower cost of living and a highly desired outdoor recreational lifestyle is expected to be a driver for young professionals to migrate to Utah.

Result

Upon acquisition, we implemented several changes to property management and day-to-day operations in order to improve financial performance. Occupancy rates increased significantly under our ownership as did rental rates. Sold after only two years of purchase, the investment was realized with a very strong return, far quicker than expected.