SOURCE: The Aclaime Group
SALT LAKE CITY, UT--(Marketwire - Feb 13, 2013) - 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, Utah. 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 which 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 add Aclaime Dynamics as one of our portfolio companies and welcome the team."
Aclaime Dynamics joins Aclaime's lending and opportunistic real estate businesses alongside Aclaime Debt Partners, Aclaime Credit Partners and Aclaime Capital Partners within The Aclaime Group's ecosystem.
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About Aclaime Dynamics
Aclaime Dynamics is a residential and commercial real estate development company that creates value through acquisition and development of community enhancing real estate products. The predecessor company, Performance Dynamics, has been in business since 1986. During this time, the company has developed and marketed approximately 33 projects representing over 4,200 units exceeding $250,000,000 in value.
About Aclaime Group
The Aclaime Group is a multi-disciplined private equity real estate firm that manages investment funds and separate accounts on behalf of its investor clients. In order to prudently deliver a return on our client's capital, Aclaime Group focuses on growing real estate businesses and strategies that are bi-products of market conditions, a lack of providers or where opportunities exist that allow Aclaime Group to out-execute competitors on behalf of investors and clients.