Arizona Tribune - Arctaris Impact Investors Recapitalizes $11M In Multifamily Property in Provo, Utah -An Opportunity Zone Investment

PROVO, UT / ACCESS Newswire / December 11, 2025 / Arctaris Impact Investors, LLC, a Boston based national impact investment firm with a 15-year track record investing in underserved communities, announced today an $11 million preferred equity investment in the Station at Millrace. Located in Provo, Utah, the 158-unit transit-oriented development provides much needed workforce housing options for greater Salt Lake City's growing population base. Arctaris' investment was funded with opportunity zone equity and is slated to benefit from the project's adjacent phase two expansion.

"We are thrilled to be partnering with Millstream on this infill transit-oriented development," said Andrew Gibbs, Managing Director at Arctaris Real Estate Investments. "Like many high-growth markets across the country, Utah County has a tremendous need for more walkable workforce housing options with access to regional rail. With its strong educational anchors, walkable downtown, and proximity to outdoor activities, cities like Provo are well positioned to help sustain the region's continued growth."

Provo is Arctaris' first investment in Utah and Arctaris hopes to expand its presence in the region. The project represents a compelling OZ investment opportunity, in a stabilized, cash-flowing asset with an attractive entry basis through a preferred equity structure.

Provo is a growing submarket anchored by Brigham Young University (BYU), a resilient workforce, and an expanding tech and education economy. Utah added 50,000 residents in 2024, with 44% of that growth concentrated in Utah County (home to Provo). BYU's continued expansion and the new medical school opening in 2027 are expected to sustain this trajectory. Anchored by BYU and major employers such as Oracle, Intel, Adobe, and Qualtrics, the region benefits from over 1,000 technology companies and has become a key node of Utah's "Silicon Slopes."

Greg Nelson, Managing Partner at Millstream Partners said "We are pleased to partner with Arctaris on the Station at Millrace. Their collaborative approach and dedication to community building are exceptional. Together, we are eager to see the Station at Millrace address the increasing demand for transit-oriented housing in Utah County."

The deal is sponsored by Millstream Partners, a Utah-based, privately held real estate investment firm that has led over $1.5 billion in CRE investments since 2017 across multifamily, industrial, student housing, affordable, and mixed-use projects. Benefit Street Partners, a credit-focused alternative asset manager, provided a bridge loan for the project.

"Provo, along with most of Utah, is feeling the pressure of a fast-growing community, and housing of every kind is urgently needed-especially quality rental units for people who want to live near jobs, schools, and transit," said Patrick Mullen, Managing Director, Arctaris Impact Investors. "This project is a meaningful step toward meeting that need and keeping Provo livable for current and future residents."

Today's announcement follows additional OZ deal activity by Arctaris this year including, the opening of Liv DTLA, an eight-story, 227-unit affordable housing development designed to address Los Angeles' severe housing shortage; the sale of a specialty manufacturing and cold storage facility located in an opportunity zone in Braddock, PA.; and an equity investment in a $30 million opportunity zone hotel-to-residential conversion opportunity in downtown Baltimore.

About Arctaris Impact Investors, LLC
Arctaris Impact Investors, LLC is a national impact investment firm with experience spanning more than 15 years. The firm manages funds which invest in growth-oriented operating businesses, real estate, and community infrastructure projects located in underserved communities. Founded in 2009, Arctaris Impact has partnered with the Kresge Foundation, Harvard Business School Professor Michael Porter's Initiative for a Competitive Inner City, and multiple other foundations, and federal and state government agencies to invest in Opportunity Zones, inner cities and targeted rural communities throughout the U.S., with the aim of delivering above-market investment returns alongside positive social impact. For more information visit https://arctaris.com

Arctaris Media Contact:
Cindy Stoller
[email protected]
917.331.0418

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Legal Disclaimer Certain information contained in this press release constitutes forward-looking statements. These statements reflect prevailing conditions and our best business judgment as of the date of issuance. As a result, actual results may vary from the projections and should not be relied upon as investment advice.

SOURCE: Arctaris Impact Investors

View the original press release on ACCESS Newswire

E.Rodriguez--AT