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Colony Farms Development

Colony Farms Updates

project updates salt lake county utah Nov 23, 2020

Location

Units

  • 301 Doors
  • 11 Duplexes, 5 Triplexes, 41 Fourplexes, 5 twenty-plexes

November 2020

Our last in-person video we shot for you guys at Colony Farms was about six months ago, right after Salt Lake County got their earthquake... and right at the beginning of the pandemic lockdowns. So it only makes sense that we would go visit again the day after the election!

We're happy to report that everything at Colony Farms is in order. Today's video was shot right next to the clubhouse and what is going to become the community pool. It's been a dogfight getting the permit for the pool, but we do have that now. So they'll start digging and get it ready for tenants pretty soon.

Our three-story Payton units have begun filling up with tenants. The buildings behind the clubhouse are already mostly full (see video). So far this project has been leasing really well. We're going into the slow season, so we expect things to slow down a lot. No one really likes to move with snow outside, but we haven't gotten there yet and the demand is still here. Property management is still chipping away at it weekly.

As we head into winter, we're happy to report that landscaping is now installed around all townhouse units east of the clubhouse! We've received the permit for the pool and Maxx Property Management is starting to sign leases on the two-story townhouse style units on the southern edge of the project. Even though it's now the slow season, leasing is progressing with the right incentives due to a steady demand for new rental housing in Magna.

All 20plex buildings are framed with exteriors in various stages of progress. All townhouse style units are expected to have Certificate of Occupancy by the end of November. Please reach out to your designated FIG rep with any questions!

October 2020

We're seeing a lot of momentum heading into this fall. Leasing is well underway and making excellent progress in the Phases 1-4, which have nearly all received certificates of occupancy.  Sod and flower beds are installed in Phase 1 and are now making their way through Phase 2 and headed into Phase 3. The pool finally has its permit and will be ready for its grand opening in the Spring. Construction teams are finishing the interiors of each townhouse on the south side of the project—as the exterior crews begin tackling the 20 plex apartment-style buildings.

Please contact us if you have any questions about the timing or progress in Colony Farms!

July 2020

As we approach the middle of summer here in Utah, construction is full steam ahead. We couldn't be happier with how this project is starting to take shape and are happy to give some updates today on the various project phases.

To date, construction and lease-up have not seen delays related to Covid-19. Completion and Certificate of Occupancy in Colony Farms in Phases 1-3 have been completed. We anticipate Phases 4-5 to be completed in the next 2-6 weeks.

Phases 6-9 are moving along nicely as well. You'll notice in the drone footage that the clubhouse has already been started and we hope to finish in the next 1-2 months. Vollkommen Construction has done well to push along and finish each building within 12-months or sooner.

All units in Phases 1-2 are completely leased up along with most of Phase 3. Those invested in these phases should know that the hand-off to MAXX PM has gone smoothly and we are extremely happy about how the "stabilization" period has gone. Thanks to MAXX PM for getting these units filled asap.

May 2020

We're thrilled with the progress at Colony Farms in Magna, UT! As of May 2020, Phase 1 has received a certificate of occupancy, and all units are leasedPhase 2 is right on Phase 1's heels, with most units completed and leased. Phase 3 should complete in early summer, with the remaining phases coming in late summer into fall sometime (too early to project. Get with your FIG agent for clarification).

Landscaping has been delayed due to a shortage of sod (farms shut down during the Covid-19 lockdown).  However, more sod is now on order and we expect a lot of progress as we get into July.  Monument signs are now installed as well!

March 2020

We're happy to report that most of Phase 1 has received a certificate of occupancy! Phase 2 is estimated to be completed in the next 30-45 days (please contact us for updates on that). Construction on Phases 3-6 are in various phases of finish work, framing, foundation, and permits.

Maxx Property Management is already working on marketing and leasing.

January 2020

Construction in Colony Farms has continued to move forward at a very good pace regardless of winter weather. Looking at the project as a whole: we are ahead of schedule! We are seeing most of phase 1 completed and/or near completion. The framing has been completed on most of phases 2-5 and we are starting to see a lot of the interior work being done in those phases. All the infrastructure/utilities are completed for phases 6-9.

We will see our two-story Delinda floor plans in phases 6-7 and in phase 8-9 toward the end, we will see our 20-plex building start to take shape over the next couple of months. Once the weather warms up in spring, we will get started on the clubhouse, landscaping, and amenities.

Right now we are very happy with the progress we've seen during construction in Magna. Everything looks great right now as our initial lease-up and stabilization period on the first couple of phases are right around the corner! If we see any changes or delay we will be sure to let you know.

November 2019

All buildings in phases 1-3 are now framed and we're still on track to have those units finished and ready for rent by spring of 2020. Footings and foundations are starting to go in as well in the back of the project. Utah has had a good stretch of weather before hitting winter which has helped push everything long.

September 2019

We're well underway in Magna! Construction loans in the first four phases have closed. Framing in phases 1 and 2 has started, with phase 3 getting cleared for foundations and phase 4 just about there as well. You'll notice that Ivory Homes, who are building to the west of us, has started site work for their single-family development which will be our future neighbors. Check out the footage below:

August 2019

Closings on the first three phases are now done, with phase four beginning in the next two weeks. Framing has begun in phase 1, with phase 2 in various stages of permits, footings, and foundation. We'll continue to see closings in this project (it's a big one) through early next year!

July 2019

While the wet spring in Magna took its toll on timing, things are now dried out! Asphalt is down and you'll soon see foundations and sticks coming out of the ground in phase 1! Things will be busy in Magna the rest of this year, with more construction starting each month through the end of the year. We'll provide more updates as construction progresses.

June 2019

While the wet spring in Magna took its toll on timing, things are now dried out! Asphalt is down and you'll soon see foundations and sticks coming out of the ground in phase 1! Things will be busy in Magna the rest of this year, with more construction starting each month through the end of the year.

May 2019

Phase 1 closings just completed today! Site work is well underway with permits in process. More closings are set to occur in June, with plenty more to follow through the end of the year. We're excited about the new home development going in immediately to the west, as our tenants will have a nice neighborhood to enter through when they approach from that side. If you look closely, you can even see kids playing on the playground at the private school immediately to the east.

March 2019

Horizontal development in Colony Farms is well underway, but with some delay, construction start dates will be moved back by two weeks. This will allow our construction team a better runway to deliver completed units on time. Check out the below video to see a little more of what's going on at the site in Magna. Also, we're excited to have one of the largest homebuilders in Utah planned to construct a large single-family home community on the parcel immediately to the west of us. More residents bring more schools, more jobs, and an even better rental community for FIG investors!

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