Two Los Angeles businessmen have bought two multi-unit apartment complexes in Salt Lake City and Ogden, according to Gump & Ayers Real Estate Inc., which handled the separate transactions.
The 48-unit Richmond Apts., 5290 S. 235 East, was bought by Theodore Hass, who Gump & Ayers agent Bruce Malcolm said also has other Salt Lake business interests. The property was acquired out of bankruptcy proceedings of Prell & Zacharias, Malcolm said. No sales price was announced.The 25-year-old Versailles Apts., 3290 Van Buren, Ogden, was bought for $1 million by Hanoch Ben Tal, an L.A. businessman who also owns a Bountiful apartment building. Malcolm said the fully occupied, 64-unit, five-building complex was sold by The Resolution Trust Corp.
Malcolm said out-of-state investors are entering the Utah market because they can buy rental property at prices well below what it would cost to replace them. He said investors are confident rents will rise and real estate values along with them, based on information from the Apartment Association of Utah's report that vacancy rates peaked at 15.6 percent in 1986 and were at 5.8 percent last May.
He said the inventory of surplus apartment buildings along the Wasatch Front "is tightening."