On September 30th, Warmington closed escrow on PRISMA, its third student housing project within the San Diego State University market. Warmington purchased the property directly from the developer for $6.0 million, with equity funded through its Friends & Family program.
Development of Arista Apartment Homes will add 220 units to Warmington’s nearly 1,600 unit Las Vegas portfolio. Site work has begun on 9.61 acres at Starr and Bermuda avenues in South Las Vegas where Warmington Apartment Communities will build 220 apartment units at Arista Apartment Homes.
Warmington Properties, Inc., (WPI) recently closed escrow on Mountain Run Apartments, a 113-unit apartment project located in Orem, Utah. Considered a true value-add opportunity, this most recent acquisition extends our reach into the Salt Lake City metro submarket, which is enjoying significant economic and population growth due to its business-friendly environment, ease of travel, significant lifestyle amenities, and the growing tech industry on the “Silicon Slope.” For these reasons, we anticipate Mountain Run to be the first acquisition of our Utah portfolio.
Again this year, Warmington made Professional Builder’s annual list of Housing Giants, ranking 92 of 245 of the largest builders in the country based on 2017’s housing revenue and closings.
Professional Builder said…