Logan Area Multifamily Portfolio 4 Multifamily Properties Offered at $37,000,000 in Multiple Locations

Newmark Mountain West is pleased to present this 159-unit multifamily portfolio sale in the greater Logan, Utah area. We are calling for offers, due March 11, 2026. The minimum price the seller will consider is $37 million which is a 5.6% cap rate on the existing NOI. The average price per unit, at that price is just under $233,000. The portfolio consists of 159 units in seven buildings within a 27-mile radius from Utah State University. The portfolio is comprised of a former student housing village and 6 other apartment complexes which include garden style apartments (utilities are covered by the landlord) and townhomes (separate meters, paid by the tenants). All the apartments have been remodeled within the last 3 years (many of them fully gutted) and refurbished with new kitchen cabinets, bathroom fixtures, appliances, paint and flooring.
The current owner has kept the apartments 100% occupied for many years, with little to no downtime between tenants and with rents maintained on the low end of the market. There is an opportunity to raise rents incrementally and capture upside. The proforma cap rate, at market rents is 6.33%. There are FHA and Freddie Mac loans in place on 5 of the properties which are assumable at 3.8% interest through 2035 (FHA) and 5% interest through 2031 (Freddie Mac).
The portfolio has been a place which has supported and benefited the students and alumni of Utah State University. USU was founded in 1888 as an agricultural college and is known as the home of the Aggies. With 29,831 students and 187,744 alumni, the university is a powerhouse in academics and athletics. USU is the foundation of Logan and the surrounding towns. The innovations coming out of the university and the productive and educated population has led to a steep increase in large manufacturing, data and finance companies locating in the area. Economic growth and employment in Logan have continually outpaced other larger cities in Utah and in the region for well over a decade. For those reasons population growth has continued to outpace the production of housing units.
Because most occupants within the portfolio are college students or small families getting their start in the local employment scene, the portfolio offering will place the future owner in a position to continue supporting and benefiting from the growth and education of this vibrant area