Utah

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

by Amy Works February 5, 2021

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 of 700 square feet. Community amenities include community-wide WiFi, door-to-door trash pickup, heated swimming pool, hot tub and car-charging station. The property is located adjacent to the Meadowbrook station of the Utah Transit Authority’s TRAX light rail system and near Southgate Shopping Center, University of Utah, Salt Lake Community College and Westminster College. Brock Zylstra, Danny Shin, Steven Gebing and Cliff David of IPA represented the sellers in the transaction. Gary Mangum of Marcus & Millichap served as broker of record in Utah.

February 5, 2021

Acquisitions Multifamily Utah Western

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

by Amy Works January 12, 2021

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 feet. Community amenities include smart-home features; a fitness center with on-demand fitness classes; yoga studio; tiered seating movie theater; pet park; pet washing station; resort-inspired pool and deck; outdoor kitchen; fire pits; and interactive courtyard spaces for lawn games. Additionally, the property features two street-front restaurants. Patrick Bodnar and Eli Mills of CBRE’s Salt Lake City office represented the seller in the transaction.

January 12, 2021

Acquisitions Multifamily Utah Western

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

by Amy Works January 5, 2021

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, the community was 97 percent occupied. Eli Mills and Patrick Bodnar of CBRE’s Salt Lake multifamily team represented the seller in the transaction.

January 5, 2021

Acquisitions Office Utah Western

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

by Amy Works December 17, 2020

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 presence in the Mountain States. Currently, the Fund VI portfolio includes 15 multifamily and commercial assets in markets including San Jose, Los Angeles, Salt Lake City, Denver and Seattle. The portfolio has an aggregate purchase price of $1.2 billion.

December 17, 2020

Development Mixed-Use Restaurant Retail Utah Western

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

by Amy Works December 16, 2020

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 includes a Harmons Grocery Store and Fuel Shop and more than 35 retailers, businesses and dining options. Okland Construction will begin work immediately on the second phase. Upon built-out, Mountain View Village will be a community gathering place, commercial hub and residential community.

December 16, 2020

Development Leasing Activity Multifamily Utah Video Webinar Western

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

by Sarah Daniels December 14, 2020

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 on design, technical considerations and financial concerns. What can Salt Lake City brokers and developers expect in 2021? See below for a list of some important topics covered. Panel One: Broker/Lender Insight Valuations Equity Permanent market impacts from COVID-19 Lender underwriting Cooperation from municipalities Panel Two: Developer Insight Tenants moving into Utah Location hotspots for developers Occupancy rates Opportunity zones Unit size and style considerations Development Panel: Ronda Landa, First American Title (moderator) Ben Clifford, Keystone National Group Eli Mills, CBRE Rawley Nielsen, Colliers International/Utah Matt Gneiting, Gneiting Capital Kip Paul, Cushman & Wakefield Investment Panel: B.J. Laterveer, Dwell Design (moderator) Ben Lowe, Lowe Property Group Joe Baum, Hicap Management Stephen Alfandre, Urban Alfandre Thomas Vegh, SALT Development Marc Venegas, Orion Real Estate Partners Webinar sponsors: Gneiting Capital: …

December 14, 2020

Acquisitions Multifamily Seniors Housing Utah Western

Blueprint Brokers Sale of 42-Unit Seniors Housing Community in Park City, Utah

by Amy Works December 9, 2020

PARK CITY, UTAH — Blueprint Healthcare Real Estate Advisors has brokered the sale of an undisclosed assisted living and memory care community in Park City, approximately 35 miles southeast of Salt Lake City. The community was built in 1999 and features 32 units of assisted living and 10 units of memory care. The Pacific Northwest-based owner sought to divest the asset as a geographical outlier in its portfolio. A local owner-operator bought the property for an undisclosed price, taking on the existing HUD loan as part of the deal.

December 9, 2020

Acquisitions Industrial Utah Western

GPR Ventures Enters Utah Market, Acquires 49,234 SF Warehouse in West Jordan

by Amy Works December 8, 2020

WEST JORDAN, UTAH — GPR Ventures has entered the Utah market with the purchase of an industrial warehouse property situated on 3.6 acres in West Jordan. Terms of the transaction were not released. BC Technical, a diagnostic imaging solutions and services provider, occupies the 48,234-square-foot facility, which features a 35,632-square-foot manufacturing and assembly area and a 13,602-square-foot office space. The property offers raised floors with an anti-static covering throughout the office space to accommodate extensive wiring and fiber optics that run underneath, heavy-duty capacity HVAC systems, multiple climate-controlled computer areas with independent HVAC systems, high-efficiency fluorescent lighting and a sprinkler system that covers the entire building.

December 8, 2020

Acquisitions Multifamily Utah Western

Buchanan Street Partners Sells 160-Unit Ascent in Cottonwood Apartments Near Salt Lake City

by Amy Works October 12, 2020

COTTONWOOD HEIGHTS, UTAH — Buchanan Street Partners has completed the sale of Ascent in Cottonwood, a multifamily property located at 1151 E. 6720 S in Cottonwood Heights. Warmington Properties acquired the community for an undisclosed price. Built in 1996, the property features 160 apartments, a swimming pool with poolside pergola, outside television, bocce ball court and dog park. Danny Shin, Brock Zylstra, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.

October 12, 2020

Acquisitions Office Utah Western

NKF Arranges Sale of 221,145 SF Creative Office Building in Salt Lake City

by Amy Works September 30, 2020

SALT LAKE CITY — Newmark Knight Frank (NKF) has arranged the sale of a creative office building located at 324 S. State St. in downtown Salt Lake City. Hamilton Partners and Cantor Equities sold the asset to Mortenson Cos., the real estate investment arm of M.A. Mortenson Cos., for an undisclosed price. The recently renovated, five-story building features 221,145 square feet of creative office space. The property features large floorplates, scenic views, fitness center, adjacent parking structure, collaborative common areas and signage. Additionally, the building features ground-floor retail space that Ginger Street restaurant occupies. At the time of sale, the asset was 75 percent leased to a variety of tenants, including Ancestory.com, Spectrum Engineers and Utah’s Department of Financial Institutions. Kevin Shannon, Ken White, Rick Stumm and Bryce Blanchard of NKF brokered the transaction.

September 30, 2020

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