In 1990, Troy bought a dilapidated 36,000-square-foot warehouse on the south side of Salt Lake City. Rather than lease it out, he built a haunted attraction inside and ran it himself for the next twenty-five years.
He sold the building in 2015 and went into real estate full time. The next decade was spent in storage, apartments, offices, commercial buildings, and eventually residential development.
New Mountain started in 2016. Troy’s own work began well before that.
As a young entrepreneur, Troy started his career by purchasing a 36,000-square-foot warehouse just off the 1300 S I-15 exit in Salt Lake City.
He ran a seasonal business out of the building himself for twenty-five years, eventually selling it in 2015 for roughly three million dollars.
That sale propelled everything that followed over the next decade.
Troy’s first major acquisition as he began his real estate career was a 260-unit storage facility in Salt Lake City.
When he acquired the property in March 2013, occupancy was just 68%. By the beginning of 2014, occupancy had risen to 94%, making 2014 a record year for profits.
The quick turnaround gave Troy the confidence to keep going.
In 2016, Troy acquired a mismanaged 24-unit apartment complex in Kearns, Utah.
He applied the same playbook he had used at Bestway: improve the property, improve the operations, and increase the overall value.
The first New Mountain community. Nineteen single-level residences arranged around a landscaped green, with the land, the infrastructure and the houses all carried within one organization.
In 2017, with a new LDS temple coming to Provo, Troy recognized an opportunity in a nearby property that had fallen into disrepair.
He purchased the property in a prime location and quickly leased it to Domino’s, increasing its value from day one.
In 2018, Troy purchased a storage complex and took a different approach than he had with his previous storage investment.
This time, the existing facility was already operating efficiently. Rather than trying to improve the operation, Troy used his growing experience in new construction to expand it.
He secured a neighboring property, allowing the facility to grow and increasing its overall value.
With Troy’s sons becoming more involved, he turned his attention back to development.
Isla Vista was a fully planned subdivision of thirty custom residences, taking a project from raw land through completed homes.
As the team grew, New Mountain needed an office.
Troy spotted an opportunity in an old medical building that needed a refresh. He partnered with a chiropractor to give the building a new look while also making use of 7,500 square feet of unused office space as a home base for New Mountain.
Throughout this timeline, Troy’s oldest son, Spencer, had been involved in each of these projects. He worked his first job running the Bestway Storage Complex and later worked through entitlement issues at Jackson Court.
Spencer drew on lessons from the earlier developments and his own real estate investments. With help from his younger brother, Seth, and his friend, Kincaid, he created the company’s largest community to date and its first at a higher density, with forty-eight townhome residences.
With Troy officially stepping into an advisory role, Seth, Kincaid, and Spencer took the lead on a thirteen-home subdivision.
Forty-two homes on Costa Rica's Pacific coast, built in locally sourced volcanic stone and teak by craftsmen from the surrounding towns.
