Graycliff Capital Acquires ViA, Adds to its Salt Lake City Residential Holdings
Graycliff Capital Partners, LLC (Graycliff Capital), a leading developer/owner in the multi-family sector headquartered in downtown Greenville, S.C., has acquired ViA, a Class A, mixed-use residential community in South Salt Lake City, Utah. The property is ideally located within a short walking distance to Utah Transit Authority (UTA) light rail stations – providing direct access to the airport, major employers and attractions throughout the Salt Lake Valley. ViA also offers residents a variety of retail, restaurants and entertainment options within its immediate neighborhood.
“We are continuing to strategically expand our geographic reach beyond the Carolinas and the Southeast. We look forward to becoming part of the Salt Lake City central business district and the vibrant area to the south which has seen steady economic and population growth over the past few years,” said Paul Aiesi, partner at Graycliff Capital.
The ViA transaction, which was brokered by Institutional Property Advisors Brock Zylstra and Danny Shin, closely follows Graycliff’s acquisition of another mid-rise community, Milagro, located just a few miles away in the heart of downtown Salt Lake City. These acquisitions, finalized in January 2021 and December 2020 respectively, mark the firm’s first multi-family investments in Utah and the western region of the United States.
About ViA
Built in 2016, the 138-unit ViA is located in South Salt Lake City in the epicenter of one of the fastest-growing live, play, work metros in the nation. With doorstep access to UTA’s Meadowbrook Station, ViA’s central location affords residents a quick rail commute to downtown’s major employers as well as the tech corridor. This luxury residential community is also convenient to I-15, I-80, I-215, and U.S. 89.
Floorplan options include studio, one-bedroom/one-bath, and two-bedroom/two-bath, all with premium interior packages. Best-in-class amenities include a resort-style swimming pool and spa, high-tech fitness center, outdoor lounge with fire pits, BBQ grilling stations, conference room, garage parking and off-street covered parking.
ViA will be operated by Nxt Property Management, a local specialist with a multi-family management division that manages more than 4,000 units in the Salt Lake Valley, including Milagro.
Graycliff Capital in the Carolinas and Beyond
Graycliff has developed multiple luxury apartment communities across the Carolinas in recent years, including three popular Upstate South Carolina developments in Greenville County – Cotton Mill Apartments, Waterleaf at Neely Ferry and Waterleaf at Keys Crossings. Graycliff acquired Reserve at Asheville in Western North Carolina near Asheville in 2020.
Graycliff’s recent and current coastal developments include Waterleaf at Murrells Inlet in South Carolina; Waterleaf at Battery Creek in Port Royal, South Carolina; and Waterleaf at Leland, near Wilmington, North Carolina. Graycliff properties in the Central Savannah River Area (CSRA) include Lullwater at Riverwood near Augusta, G.A., acquired in Fall 2020; and The Ironwood Apartments in North Augusta, S.C., acquired in 2019.
Over the past decade, Graycliff’s geographic reach has extended beyond the Carolinas and Georgia to other parts of the Southeast, including Tennessee. Graycliff’s portfolio also includes multi-family communities in the Mid-Atlantic region, as well as Ohio, Pennsylvania, and most recently, Utah.
About Graycliff Capital Partners, LLC
Headquartered in Greenville, S.C., Graycliff Capital Partners is a multi-family development and investment company with focus on the Southeast and Mid-Atlantic regions of the United States. Since its founding in 2010, Graycliff has acquired and developed more than 10,800 apartment units, executing approximately $1.85 billion in transactions. Graycliff’s core strategy is based on investing in areas with established economic growth and high barriers to entry. Graycliff is passionate about supporting local non-profits making positive impacts in their respective communities. For more information, visit www.graycliffcapital.com.
