Cherry Hill Apartments was a value-add multifamily investment located in Orem, Utah, one of the fastest-growing cities along the Wasatch Front. The Property benefited from its proximity to Brigham Young University, Utah Valley University, Interstate 15, and the region’s expanding technology and employment corridor known as Silicon Slopes, supporting strong renter demand and long-term population growth.

The investment thesis focused on acquiring a well-located asset with significant renovation and operational upside. Ownership executed a comprehensive value-add strategy that included interior unit renovations, amenity enhancements, and operational improvements designed to modernize the community, improve resident satisfaction, and drive rental revenue growth. Renovated units featured upgraded finishes, new cabinetry, countertops, flooring, and appliances, repositioning the Property within the competitive Orem market.

Following an approximately three-year hold period, the investment was successfully realized and generated a 47% realized IRR. Cherry Hill exemplifies Chartwell’s ability to identify value-add opportunities in high-growth markets, execute renovation strategies efficiently, and create substantial value through active asset management and disciplined execution.