Irving Schoolhouse offers a rare opportunity to acquire a 234-unit community in one of Salt Lake City’s most desirable, walkable neighborhoods, with convenient access to high end dining, retail, downtown SLC (10 minutes), and the University of Utah (8 minutes). In addition, the east side location provides easy access to Utah’s world class ski resorts and mountain recreation (20 minutes).

Current rents are meaningfully below market, with the OM citing approximately 20% mark-to-market potential and an estimated ~$345 per unit gap to submarket averages for most unit types. An Internet Package and Valet Trash program can also be added for further upside.

Considering the large unit sizes and irreplaceable, in-fill location, Irving Schoolhouse can be purchased below replacement cost

Approximately 43% of units retain dated kitchens, creating a clear path to drive rents through targeted interior upgrades, with projected annual rent premium potential of approximately $453,000.

The property offers renters a highly sought-after Sugar House address and larger unit sizes at a more attainable price point than newer nearby deliveries, supporting continued leasing appeal. Class A rents in the submarket will continue to push rents at Irving higher.

In addition to interior renovations, buyers have the opportunity to enhance the amenity package and modernize common areas, further improving resident experience, strengthening market positioning, and supporting long-term NOI growth.