Crossing at Daybreak is Western National's first project in Utah and represents the second investment by Western National Realty Fund II LP, the group's second private equity fund, with approximately $230 million of equity commitments. Investors in Fund II, which is focused solely on multifamily acquisitions and development projects, include both institutional and individual high net-worth investors.
The Crossing at Daybreak, the first apartment complex at Daybreak, "gives Western National the opportunity to joint-venture a project within the premier master-planned community in Salt Lake County," says Rex F. DeLong, president of Western National Properties.
Kennecott Land began construction of Daybreak in 2004. During this time, almost 2,300 homes have been sold, more than 745,000 square feet of commercial space is complete, and in 2011 a light rail line will open near Crossing at Daybreak, connecting residents to Downtown Salt Lake City. Daybreak will eventually total approximately 20,000 homes, a mix of retail, office and industrial, schools and recreational amenities.
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