April 2024 Newsletter
Welcome to our first monthly newsletter!
This newsletter will contain three distinct sections: Market Minute, Nxt Level and Ask the Editor. The first section is aimed to bring value to you as an investor in multifamily real estate by speaking to trends, statistics and more in the market. The second section will be utilized to demonstrate our expertise in property management and to highlight our biggest wins. The last section will be reserved to answer your questions. That can be regarding market statistics, trends or anything you'd like us to research further.
Market Minute
With a whopping 4,047 units currently under construction, the downtown Salt Lake City submarket leads all other submarkets in the state, according to Costar. The influx of new development has spread to other areas of the state such as 772 units under construction in the North Utah County submarket and 289 units under construction in the Northern Davis County submarket.
With plentiful land for sale and a low multifamily presence, today we would like to highlight the Cache County Submarket as an area of opportunity for multifamily development. Per Costar, there are only 69 units under construction a fraction of the 284 units under construction in Northern Weber County, the nearest other submarket in the state.
Lastly, Costar estimates a population of 127,771 as of 2023 in a 10 mile radius centered in Logan. They project that will increase to 137,667 by 2028. That is an increase of 9,896 or 7.75%.
'Nxt' Level
Nxt Property Management is a premier third party manager of multifamily housing with over 5,800(+) units under management. We are a growing third-party management company which has a culture of interconnection that most companies want to emulate. Our exceptional leaders at Nxt have over 30 years of experience that has resulted in top level operational performance and a personal-touch culture at each property we oversee.
Nxt was established in 2017 under Western States Lodging & Management (WSLM), a company with over 30 years of expertise in real estate development, hospitality and senior care property management. Nxt draws significant advantages from WSLM's extensive experience and robust back-end systems, including HR and Accounting. Guided by the mission statement "Serving you like Family," Nxt is inspired to extend this ethos in interactions with our residents, clients, and associates.
Ask the Editor
Dear reader,
First and foremost thank you for having taken the time to read this newsletter we worked hard to put together for you. These are meant to be for YOU and your benefit.
This last section of each newsletter will be reserved to answer YOUR questions! You can email sales@nxtmgt.com to submit your question regarding market statistics, trends or anything you'd like us to research further. We will be answering at least one question each month from the prior newsletter's submissions.
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Until next time,
