MCRE, LLC Purchases Residential Portfolio from Diamond J Mgt.

Salt Lake City, UT, September 02, 2016 --(PR.com)-- MCRE announced today that is has closed on a $25.3M all-cash purchase of apartment properties from Diamond J Management. The acquisition includes twenty separate buildings with 381 multi-family residential units located in downtown Salt Lake City and the historic districts of Ogden, UT. The portfolio consists of a combination of market rate and affordable housing units. The well-positioned units are centered within walking distance of top rated shopping, dining and entertainment amenities. Several of the historic buildings will be renovated in Salt Lake and Ogden’s competitive multi-family market.

“MCRE and its investors are pleased to increase our exposure and add to our rapidly expanding portfolio in the Utah market,” said MCRE’s David Phipps. “We also see a need and are committed to providing quality housing for our affordable housing community for the working families of Salt Lake City and Ogden.”

Mountain Classic Real Estate, Inc. (MCRE) focuses on value-add investments and is committed to revitalizing Utah’s heritage real estate into a thriving destination space for major employers, their employees and families. MCRE excels at identifying upside character-potential buildings, which require recapitalization or hands-on management, bringing together funding partners, and employing local design excellence. MCRE’s full-service capabilities provide construction, leasing, and proactive property management services to tenants and owners along Utah’s beautiful Wasatch Front. The result is a historic renovation with updated mechanical and operating systems and classic character that augments the tenant’s creative energy.

If you would like more information about this topic and other investment opportunities, please contact David Phipps at 801.332.0755 or email at dphipps@mcremgt.com.