REBusinessOnline

IPA Brokers Sale of 348-Unit Broadmoor Village Apartments Near Salt Lake City

WEST JORDAN, UTAH — Institutional Property Advisors (IPA), a division Marcus & Millichap, has arranged the sale of Broadmoor Village, a multifamily property located in West Jordan. Bridge Investment Group acquired the asset from Wasatch Property Group for an undisclosed price.Danny Shin and Brock Zylstra of IPA represented the seller and procured the buyer in the deal.Developed in 1986 on 16 acres, Broadmoor Village is a garden-style asset that features 348 apartments in one-, …

Colrich Sells 96-Unit Mountain View Multifamily Property Near Salt Lake City to Clear Capital

WEST VALLEY CITY, UTAH — Colrich has completed the sale of Mountain View, an apartment community located in West Valley City. Clear Capital acquired the asset for an undisclosed price.Situated 12 miles south of downtown Salt Lake City, Mountain View features 96 two-bedroom apartments with in-unit washers/dryers and private balconies or patios. The property features landscaped, tree-lined grounds with mountain views, walking paths and outdoor amenities, including a swimming pool, grilling …

MJW Investments, Redstone Buy 924-Bed Student Housing Community Near Brigham Young University

PROVO, UTAH — A joint venture between MJW Investments and Redstone Residential has acquired a 924-bed student housing community located near Brigham Young University in Provo.The property offers shared amenities including a sand volleyball court, hot tub, swimming pool, on-site laundry and a game area. The partnership plans to renovate the property’s units and shared amenity spaces.Voya Investments provided financing for the acquisition. Redstone Residential will oversee operations …

Midtown National Group Acquires Highland Marketplace in Utah, Plans 65,000 SF Development

HIGHLAND CITY, UTAH — Midtown National Group (MNG) has purchased Highland Marketplace shopping center and 9.2 acres of development land in Highland City.Located at 5300 W. 11000 North, the shopping center offers 40,000 square feet of existing retail space with storefronts ranging from 1,010 square feet to 5,641 square feet. A 65,000-square-foot athletic facility is slated to be built on the development land, which is on the north boundary of the shopping center.Lance Pendleton of …

KeyBank Provides $31.3M in Financing for Affordable Housing Project in Salt Lake City

SALT LAKE CITY — KeyBank Community Development Lending and Investment (CDLI) has provided a $31.3 million private placement construction and permanent loan to Wasatch Residential Group for the development of Quade Apartments, an affordable multifamily property in Salt Lake City.The five-story Quade Apartments will feature 237 units in a mix of studio, one-, two- and three-bedroom floor plans, a parking structure, clubhouse, swimming pool, hot tub, fitness center and outdoor courtyard with …

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 …

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