University Gardens

Attractive Class-A Student Housing Near The University of Utah

66 Units | 193 Beds | 99% Occupancy | Eligible for 1031 Exchange

University Gardens is a student-housing property in Salt Lake City, Utah. Constructed in 1948, the historic property was fully renovated in 2016. There are 66 units, consisting of two- and three-bedroom floorplans with a total of 193 beds. Each unit is fully furnished and features granite countertops, a flat screen TV, washer/dryer, new appliances which include a refrigerator, dishwasher, and an oven and cooktop range.

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Investment Highlights

70%

Projected First-Year Cash-on-Cash Return

10-15%

Projected Annual Return

99%

Current Occupancy through August 2025

Limited Housing Supply
Strong Barriers to Entry
Projected Rental Rate Increase
Anticipated Tax-Sheltered Cash Flow

Historic, Renovated, Fully-Furnished Units

Spacious one, two & three bedrooms
Beautiful 24/7 hot tub
Walking distance to campus
Newly renovated
Washer/dryer + utility Package
Flat screen TV in every unit
Oversized closets & storage
Granite counter-tops

Financial Overview

$25.9M

Total Offering Price

$13.1M

Investor Equity

$12.8M

Loan Amount

Loan Rate: 4.39% Interest Only for 10 Years

Minimum Investment: $50,000

LTV: 50.4%

Property Unit Mix

Units: 66
Beds: 193
Average Rent/Bed: $785
Average Rent/Unit: $2,294
Total Rent/Month: $151,400

2x1 Shared

20 Units
80 Beds
$622 AVG Rent/Bed
$2,489 AVG Rent/Unit

2x1 Private

20 Units
40 Beds
$936 AVG Rent/Bed
$1,872 AVG Rent/Unit

3x1 Private

11 Units
33 Beds
$940 AVG Rent/Bed
$2,819 AVG Rent/Unit

Townhome

2 Units
6 Beds
$1,050 AVG Rent/Bed
$3,150 AVG Rent/Unit

2x1 Compact Single

2 Units
8 Beds
$630 AVG Rent/Bed
$2,520 AVG Rent/Unit

2x1 Compact Private

2 Units
4 Beds
$855 AVG Rent/Bed
$1,710 AVG Rent/Unit

2x1 ANSI

1 Units
2 Beds
$900 AVG Rent/Bed
$1,800 AVG Rent/Unit

2x1 Basement A

1 Units
2 Beds
$870 AVG Rent/Bed
$1,740 AVG Rent/Unit

2x1 Basement B

3 Units
6 Beds
$702 AVG Rent/Bed
$1,404 AVG Rent/Unit

3x1 Compact P

4 Units
12 Beds
$889 AVG Rent/Bed
$2,668 AVG Rent/Unit

University of Utah

Our University Anchor

Growing Enrollment

Student population: 36,672 and enrollments up 8%

Strong Demand for Housing

Student housing near campus is highly sought-after, creating strong occupancy and rent growth potential.

Power 5 Conference Athletics

Athletic success often correlates with increased enrollment, alumni engagement, and school pride—all factors that drive long-term housing demand.

Built for Today. Structured for Tomorrow

At ICON, we deploy three proven strategies to maximize long-term investor returns in student housing and multifamily real estate. University Gardens is part of our Class-A strategy—designed for stability, growth, and monthly distributions.

Class-A Acquisition Strategy

Acquire new or recently renovated, fully stabilized properties near Tier-1 universities.

Low Vacancy

Focused on strong in-place cash flow and minimal capital expenditure risk. Designed for monthly income distributions and potential capital gains after a 5–7 year hold period.

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Value-Add Strategy

Acquire older, underperforming properties in prime student markets.

Increased Value

Renovation includes updated interiors, modern amenities, and enhanced curb appeal. Strategy aims to boost rents and occupancy before exiting at a higher valuation.

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Development Strategy

Identify premium land near high-demand campuses and build purpose-built student housing from the ground up.

Sustained Growth

Our in-house construction firm ensures cost control and quality. Ideal for investors focused on long-term growth over short-term income.

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University Gardens