This is the company’s first senior housing portfolio in Utah
1031 Crowdfunding (1031 CF), a real estate investing platform, announces expanding its holdings into Utah for the first time, adding to its existing portfolio in the western United States. The company acquired two memory care and assisted living facilities for its ninth Delaware Statutory Trust (DST) offering. The facilities are located in St. George and Lindon, Utah, and consist of 178 units. Both properties total 156,473 square feet across 5.85 acres, offer seven-year leases, and are within a four-mile radius of local hospitals.
“As 1031 Crowdfunding continues to grow, we plan to move into other regions of the country,” said Edward Fernandez, president and CEO of 1031 Crowdfunding. “Senior housing facilities are needed throughout the country as the baby boomers continue to age, so we continue to look for opportunities to grow our real estate portfolio in targeted markets where we see senior housing growth potential. The Utah market is attractive to us because the state offers an ideal environment for businesses, lower taxes and a mix of diverse and varied industries that draw people who want to live and work in the state.”
The offering launched on January 13, 2023. With a total occupancy of 95.5%, the portfolio offers investors a cash flow of 5.24%* and requires a minimum $25,000 investment.
The facilities, Spring Gardens St. George and Spring Gardens Lindon, were built in 2011 and 2016 and are operated by Avista Senior Living. Avista Senior Living is no stranger to managing these types of facilities with 16 properties across five states under its management.
1031 CF began offering multi-facility portfolios to provide investors with additional diversification. 1031 CF has senior housing facilities in seven states.
About 1031 Crowdfunding
1031 Crowdfunding is an online marketplace where real estate investors can find, view and purchase a variety of available, turnkey, investment-grade properties. We present investors with 1031 exchange-qualified properties through Delaware Statutory Trusts (DSTs) to ensure every 1031 exchange investor has the opportunity to complete a successful exchange.
For more information on 1031 Crowdfunding, visit www.1031Crowdfunding.com or call 844-533-1031.