Joint Venture Acquires 1,156-Bed Value-Add Student Housing Community Near Brigham Young University

PROVO, UTAH — A joint venture between investment affiliates of Redstone, MJW Investments and MHE Enterprises has acquired The Lodges at Glenwood, a 1,156-bed student housing community located near Brigham Young University in Utah.The community offers a mix of studio, one- and three-bedroom units. Communal amenities include a study area, swimming pool and spa, volleyball court, gaming tables, cabanas and barbecue grill.Brian Eisendrath and Cameron Chalfant of CBRE secured acquisition …

Hodges Ward Elliott Arranges Receivership Sale of 85-Room TownePlace Suites in Vernal, Utah

VERNAL, UTAH — Hodges Ward Elliott has brokered the sale of TownePlace Suites, a hotel in Vernal, located in the northeastern portion of the state near the Colorado and Wyoming borders. Terms of the transaction were not released.Clint Hodges, B.J. Patel and Cory Carter of Hodges Ward Elliott advised the special servicer in the receivership sale of the 85-key hotel, which was marketed on the Ten-X auction platform.The hotel features contemporary guest room amenities, a fitness center …

JLL Capital Markets Arranges $274.4M Refinancing for Six-Property West Coast Retail Portfolio

SEATTLE; BOISE, IDAHO; AND SALT LAKE CITY — JLL Capital Markets has secured $274.4 million in financing for a six-property portfolio of core-quality retail properties totaling 2.7 million square feet across Seattle, Boise and Salt Lake City.The borrower is a joint venture between CenterCal Properties and a large pension fund and its advisors Principal and PCCP. The financing includes five separate 10-year, fixed-rate, non-recourse CMBS loans provided by JP Morgan Chase. Loan proceeds were …

Industrial Outdoor Ventures Enters Salt Lake City Market, Buys Vacant Warehouse

SALT LAKE CITY — Industrial Outdoor Ventures (IOV) has purchased a vacant industrial facility located at 5 S. 5100 West in Salt Lake City. Standlee Premium Western Forage sold the asset for an undisclosed price.Situated on 23.2 acres and zoned M-1, the property features a 66,900-square-foot warehouse equipped with 11 dock doors and 2,000-square-foot of office space. IOV plans to make major site improvements to 16 acres of the property’s land area including grading, paving, fencing and …

IPA Negotiates Sale of 138-Unit ViA Apartment Building in South Salt Lake, Utah

SOUTH SALT LAKE, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of ViA, a multifamily property located in South Salt Lake, approximately 10 minutes south of Salt Lake City.Graycliff Capital acquired the property from an affiliate of Mountain Capital Partners, an affiliate of Dekel Capital and Castlewood Development for an undisclosed price.Built in 2016, the five-story property features 138 apartments with an average unit size …

Graycliff Capital Partners Purchases 183-Unit Milagro Apartments in Salt Lake City

SALT LAKE CITY — Greenville, S.C.-based Graycliff Capital Partners has acquired Milagro Apartments, a multifamily community located at 241 W. 200 South in downtown Salt Lake City. A joint venture between Colmena Group and PEG Cos. sold the property for an undisclosed price.Completed in 2018, the seven-story Milagro features 183 apartments in a mix of one- and two-bedroom floor plans with quartz countertops, gourmet kitchens with islands, and ceiling heights ranging between 9 feet and 12 …

Magna Investment Divests of 264-Unit Apartment Community in Salt Lake Valley

SANDY, UTAH — Magna Investment and Development has completed the disposition of Icon 9700, a multifamily property located in Sandy, approximately 20 miles southeast of Salt Lake City. Starwood Capital Group acquired the community for an undisclosed price.Constructed in 2018, Icon 9700 features 264 apartments, a resort-inspired pool deck, fitness center, outdoor grilling stations, private garages and a multi-purpose sport court for soccer, basketball and pickleball. At the time of sale, …

Kennedy Wilson Buys 247,000 SF Office Campus in Salt Lake City for $55M

SALT LAKE CITY, UTAH — Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson (NYSE: KW), has acquired three two-story office buildings and two development sites totaling 247,000 square feet in Salt Lake City. An undisclosed seller sold the assets for $55 million.Situated on 24.2 acres within Parkway Center, the campus is fully occupied by five tenants, including Amazon and Verizon, with both occupying single-tenant buildings.The acquisition expands Kennedy Wilson’s …

CenterCal Properties Selects General Contractor for Phase II of Mountain View Village Project in Utah

RIVERTON, UTAH — Developer CenterCal Properties has selected Okland Construction to build the second phase of Mountain View Village Phase II, an 85-acre lifestyle development in Riverton.The second phase will include five pocket parks with unique amenities; show fountains; a covered market hall-style pavilion with a collection of eateries and common indoor and outdoor seating; a 14-screen Cinemark movie theater complex; and retail, restaurant and commercial spaces.The first phase …

Webinar: What will Salt Lake City Multifamily Activity Look Like in 2021?

  The Dec. 7, two-part webinar "What will Salt Lake City Multifamily Activity Look Like in 2021?", hosted by Western Real Estate Business, allowed industry experts to discuss development pipeline, investor appetite and trends in the apartment sector.Watch for an in-depth discussion from the first panel on broker/lender thoughts on pricing, timing for investment and trends in the multifamily market. The second panel is devoted to analysis from developers, covering perspectives …

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