DB Capital Closes on Recapitalization of Provo, UT Property
July 28, 2023
DB Capital Management has closed on the recapitalization of Ascent at Union Square, a 139-unit garden style apartment complex located in Provo, UT. Over the past two years, DB Capital invested in a multimillion-dollar capital improvement plan repositioning the 1990’s vintage property to compete with newer product in the area. Enhancements included the renovation of unit interiors, a new two-story on-site fitness center, upgrades to the pool and barbecue area, new landscaping and a complete refresh of the building exterior. Despite the challenging market, we were able to achieve investor returns that were considerably ahead of original projections. Given the current market conditions, it made more sense to recapitalize and stay in the asset rather than sell into a depressed market, especially given very strong property performance. We wanted to continue our ownership of the property because of what we see as superior long-term growth prospects, a view which is shared by our new partner.