Justin Luettgerodt, chief executive officer of Aclaime Dynamics, today offers a progress report of the properties at Aclaime at Independence recognizing the rapid expansion of growth and the successful divesting of multiple assets.
Independence is a 536 acre master planned community located on the border of Salt Lake and Utah counties in an area seeing accelerated growth. In January of 2013, Aclaime Dynamics purchased 141 acres of the master plan from a distressed sale that encompassed commercial mixed use properties and 1,000 potential home sites, immediately implementing an aggressive turnaround and value-add strategy.
As of October 2014, Aclaime Dynamics has reconfigured and exited seven commercial parcels. Aclaime Dynamics has also entitled, improved, and sold all 190 lots in phase one and completed entitlements for phase two. Phase two is called Westgate, which is a 32 acre parcel approved for 266 homes sites, including 155 townhomes, 111 single family lots, and 3.6 acres of parks and trails. Phases three and four will include 47 acres targeted for 392 units.
“I’m proud to see the hard work of our dedicated team result in multiple entitlements and zoning modifications that substantially increased the value of our properties and have led to several successful asset sales,” said Mr. Luettgerodt. “Since Aclaime Dynamic’s acquisition in Bluffdale, we have worked with some of the best Utah designers, engineers, and consultants to execute on our strategy. I look forward to the continuing success of our team.”
About Aclaime Dynamics Aclaime Dynamics is a multi-faceted real estate investment company backed by The Aclaime Group. Given an ever changing real estate landscape, the company seeks acquisition opportunities that are by-products of market conditions or lack of providers. Utilizing this approach the company was one of the first groups in 2008 to participate in FDIC transactions, non-performing loans, and other distressed debt opportunities throughout the downturn.
The Aclaime Group (www.aclaimegroup.com), a leading private equity real estate firm, has completed a deal to purchase a 141-acre real estate development property Northwest of the point of the mountain in Bluffdale. The deal was finalized through Aclaime Dynamics, a development company owned by The Aclaime Group.
Over the next few years, Aclaime Dynamics will direct the development of the 1,000-home sites and mixed use commercial acreage. The project has been dubbed Aclaime at Independence and will serve thousands of homebuyers for many years to come.
“Due to some of the unique circumstances of the property, including the development of Porter Rockwell Boulevard, this is a wonderful opportunity for both Aclaime and the community of Bluffdale,” said Justin Luettgerodt, CEO of The Aclaime Group and Managing Partner of Aclaime Dynamics. “This property will not only provide new homes for Utah families, but will create a completely new and fully expanded community minutes from I-15.”
Porter Rockwell Boulevard will be a major east-west corridor road, connecting Redwood Road and I-15. The area continues to grow, making the development of the property especially exciting.
Located in the heart of the natural path of growth, the property will soon be home to thousands of people. Builders will be adding parks, trails, landscaping, local businesses, schools, churches and community buildings.
To complete the acquisition of the property, The Aclaime Group acquired Performance Dynamics, a real estate development company, merged it with Aclaime Capital Partners, its existing real estate acquisition company, and is now known as Aclaime Dynamics.
Luettgerodt said, “Acquiring Performance Dynamics was a natural step for making this deal work properly. Dave Tolman and the entire Performance Dynamics team have extensive experience working in the development space in Utah and the surrounding states. We are excited to have Aclaime Dynamics expand as one of our portfolio companies and welcome the team.”
About Aclaime Dynamics Aclaime Dynamics is a multi-faceted real estate investment company backed by The Aclaime Group. Given an ever changing real estate landscape, the company seeks acquisition opportunities that are by-products of market conditions or lack of providers. Utilizing this approach the company was one of the first groups in 2008 to participate in FDIC transactions, non-performing loans, and other distressed debt opportunities throughout the downturn.
The Aclaime Group (www.aclaimegroup.com), a leading private equity real estate firm, has finalized a deal with top five US lender to purchase a $10,600,000 bond backed by a multi-family property in Kansas City, Kan.
“This deal came to us because of another similar transaction we closed in September with the lender,” said Justin Luettgerodt, CEO of The Aclaime Group. “This was a wonderful opportunity for us to expand our portfolio company, Aclaime Capital Partners, LLC, into a new region. We look forward to similar deals like this in the future.”
For the deal, Aclaime Capital Partners underwrote the assets that secured these loans and was able to bring together the parties in such a way that both they and Aclaime met their objectives. Aclaime Capital Partners contracted with US Bank to acquire the bond backed by the 254 unit apartment complex and closed within 30 days thereafter
Aclaime developed a relationship with the lender several years ago when another bank that Aclaime worked with was acquired by them.
Luettgerodt added: “We are excited to continue this relationship, as they helped us complete these transactions in a timely manner and prior to year end. Both deals were very challenging and had previously been under contract with other groups who were not successful in acquiring them.”
About Aclaime Dynamics Aclaime Dynamics is a multi-faceted real estate investment company backed by The Aclaime Group. Given an ever changing real estate landscape, the company seeks acquisition opportunities that are by-products of market conditions or lack of providers. Utilizing this approach the company was one of the first groups in 2008 to participate in FDIC transactions, non-performing loans, and other distressed debt opportunities throughout the downturn.
