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Restore West Increases Its Multifamily Acquisition Fund with investment from Goldman Sachs

Restore West Increases Its Multifamily Acquisition Fund with investment from Goldman Sachs

PR Newswire

SALT LAKE CITY, March 6, 2018 /PRNewswire/ — Since its inception in 2012, Restore West through its local affiliate Restore Utah and Goldman Sachs Urban Investment Group have revitalized low- and moderate-income neighborhoods by transforming vacant or neglected properties hard hit by the financial crisis into quality affordable rental homes for low-income families. On February 8, 2017, Goldman Sachs increased its equity commitment to Restore West, LLC’s Multifamily Acquisition Fund to $27 million, enabling Restore West to significantly increase its acquisitions and improve affordable housing throughout the Wasatch Front. Restore West will also be expanding its multifamily acquisition effort this year into Arizona, Colorado, Idaho and Nevada.

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Over the past five years, Restore West and Goldman Sachs have invested over $150 million to acquire and renovate over 500 single-family homes and eight multifamily properties totaling over 450 units. Over 98% of the apartment units are focused on serving low- and moderate-income communities and residents.

“We are pleased with this further investment from Goldman Sachs. We are optimistic regarding the Salt Lake market with strong population growth and the fourth fastest growing job market in the nation. This market is no longer a secret and the Urban Land Institute ranked Salt Lake City third in the nation for ‘Emerging Trends in Real Estate 2018,’” said Jim Schulte, President of Restore West.

“Goldman Sachs’s investments over the past two years have enabled us to acquire eight multifamily communities in the past 18 months consisting of over 450 units focused along the Wasatch Front,” Jim added. “Restore West seeks to acquire 200 to 300 more units in 2018 to help revitalize existing apartment buildings and neighborhoods.”

“Deepening this partnership with Restore West is part of Goldman Sachs’s commitment to making meaningful investments in the cities where we live and work,” says Margaret Anadu, Goldman Sachs Managing Director and head of the Urban Investment Group. “This partnership exemplifies an innovative solution to addressing the affordable housing need in the local market.”

About Restore Utah
Restore West is an opportunistic real estate investment company and operator with a unique capability to match the needs of capital partners with attractive targeted opportunities. The firm was founded in 2012 by principals of McKinley Realty Partners and since that time has invested in $150 million of residential rental properties. Leveraging the insight of its partners gained over multiple real estate cycles, the firm is now utilizing the platform to grow into new areas. Restore West’s partners have experience in repositioning residential rental properties and complex land entitlement. Its affiliates Restore West Construction and Restore Solar and Electric are licensed general and electric contractors.

About the Goldman Sachs Urban Investment Group
Established in 2001, the Urban Investment Group deploys the firm’s capital by making investments and loans that benefit urban communities. Through its comprehensive community development platform, UIG is a catalyst in the revitalization of underserved neighborhoods. UIG has committed over $5.3 billion, facilitating the creation and preservation of over 20,700 housing units – the majority of which are affordable to low, moderate and middle-income families – as well as over 2,000,000 square feet of community facility space and over 6,100,000 square feet of commercial, retail, and industrial space. UIG has committed over $775 million in Utah.

Contact: Jim Schulte/Restore West (801) 210-7006/jim@restore-utah.com

www.restore-west.com
www.restore-utah.com

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SOURCE Restore West

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