This week we visited FIG's latest fourplex project in Payson, Utah. We'll show you around the site and discuss the surrounding area. Vollkommen Construction has recently begun clearing out the site for development (see video below).
We'd also like to share some reason's why, as real estate investors, we're a fan of this area and are confident in its potential for profitable multifamily.
Most people are familiar with the Provo-Orem area that makes up the heart of Utah County. It's home to two growing universities (BYU and UVU) and the headquarters of companies like Vivint and Qualtrics. As the economy continues to strengthen in the valley, we're seeing that growth push south.
Drive about 15-20 minutes south along Interstate-15 and you'll arrive at our Pineridge Farms project in Payson.
On the west-facing side of our project we have a neighboring complex called the eversage. We're happy to have some quality neighbors and it looks like on our east side—across the I-15—there's going to be a number of homes going up as well. Tenants will be happy to see that within about a half-mile radius they'll have access to a local grocery store, Mcdonalds, and a Subway.
Additional retail is not far away. 5-7 miles up the road the city of Spanish fork has a Costco, Walmart, and plenty of additional shops and restaurants. The next freeway exit south of our project also has a Walmart and a handful of other shops for eating out.
Most tenants will be working here in Utah County, likely within a 10 to 30 minute drive of the project. We're excited to see plans for an expansion of the FrontRunner station into Payson as well. This train system will provide a convenient option for those looking to commute into Salt Lake.
Why This Market?
Now let's zoom out a bit. The Utah County and Salt Lake metros continue to be one of the national leaders in employment expansion. High paying tech jobs are flooding into the area, and as a result, rents are rising throughout the core urban centers located along the I-15.
The best part? All of Utah County is pinned between the Wasatch Mountains and Utah Lake. So as the tech industry continues to explode—affordable housing only has two directions to go. Over the last few years, growth has pushed south into Payson, or West into Eagle Mountain/Saratoga Springs.
Pineridge Farms is in a position to take advantage of healthy wage growth and the youngest population in the country. On top of all the tech employment in the area, there's also the nearby Mountain View Hospital and Revere Health Clinic.
For those invested in the project: The first set of closings and construction will begin in May, then in June, and then in July. We're looking forward to getting this one up and off the ground.
If you have any questions about remaining reservations that may be available let us know!