DRAPER, UTAH — Hilton has premiered the 121-room Homewood Suites by Hilton Salt Lake City Draper. The hotel is located in the Salt Lake City submarket of Draper. West 77 Partners developed and owns the property, which The Hotel Group will manage. It is situated near Salt Lake City International Airport, Loveland Living Planet Aquarium, Rio Tinto Stadium, Hale Centre Theatre, Timpanogos Cave National Monument and Cowabunga Bay Water Park.
SANDY, UTAH — An out-of-state-investment group has acquired the 192-unit Coppergate Apartments in Sandy for $22.5 million. The community is located at 8870 S. State St., approximately 14 miles south of Salt Lake City. The Section 42 Low Income Housing Tax Credit apartment community is composed of seven three-story buildings on almost nine acres. The two- and three-bedroom units range from 866 square feet to 1,068 square feet. Daniel Shin and Brock Zylstra of Marcus & Millichap represented both the buyer and seller, a local developer, in this transaction.
ST. GEORGE, UTAH — Evans Senior Investments (ESI) has arranged the sale of The Retreat at SunRiver and The Retreat at Sunbrook, two assisted living communities in St. George, approximately 120 miles northeast of Las Vegas. American Capital acquired both communities from an undisclosed seller for $26.5 million, or $236,500 per unit. Built in 2012, The Retreat at SunRiver features 36 assisted living units and 12 memory care units on 1.7 acres. Built in 2015, The Retreat at Sunbrook features 50 assisted living units and 14 memory care units. Totaling 57,344 square feet, the two-story community sits on 2.4 acres. Washington County, where St. George is located, saw an 86.5 percent growth in the over-85 population between the 2000 and 2010 census. The new owner will lease both properties to Meridian Senior Living.
SALT LAKE CITY — CBL & Associates Properties Inc. has announced that Dillard’s will open a new store in the former Macy’s location at Layton Hills Mall in Salt Lake City. Construction on the 160,000-square-foot store is set to begin in April, with an anticipated opening for fall 2017.
OGDEN, UTAH — A California-based buyer has acquired The Gate at Canyon Ridge, a 167-unit multifamily property in Ogden, for an undisclosed sum. The community is located at 1455 Valley Drive. The property is located near the mouth of Ogden Canyon and features an overlook of Ogden Valley and the Great Salt Lake. James Wadsworth and Greg Barratt of Berkadia executed the transaction. The seller is also based in California.
PROVO, UTAH — Marcus & Millichap has arranged the sale of Pacific Heights Apartments, a 336-bed student housing community located near Brigham Young University in Provo. The price was not disclosed. The property offers fully furnished three-, four-, five- and six-bedroom units. Brock Zylstra and Danny Shin of Marcus & Millichap represented the seller, a local development group based in Alpine, Utah, and procured the buyer, College Place Partners.
SANDY, UTAH — Col Rich has acquired the 416-unit Cobblegate Apartments in Sandy for $93.8 million. The community is located at 910 E. 9000 South. Cobblegate Apartments is situated near Dimple Dell Regional Park, the Jordan Commons Megaplex Theatres and South Towne Center, a 1,300,000-square-foot shopping mall. Community amenities include underground parking, attached and detached garages and carports, a swimming pool, hot tub, large fitness center, playground, and clubhouse. Daniel Shin and Brock Zylstra of Marcus & Millichap represented the seller, a local developer, in this trasnsaction.
SALT LAKE CITY — Maxx Properties has purchased the 412-unit Mission Meadowbrook Apartments in Salt Lake City for an undisclosed sum. The community is located at 820 W. Timbercreek Way. Mark Jensen and Greg Ratliff of Newmark Grubb ACRES represented both the buyer and the seller, Starwood Property Trust, in this transaction.
SANDY, UTAH — Gardner Co. has broken ground on a 327,000-square-foot office building in Sandy. Mountain America Credit Union will own and occupy the building once completed. The 11-story building is located at 9800 South. The building is scheduled for completion in 17 months. Gardner Co. is developing the project, which WRNS Studio designed.
OGDEN, UTAH — Marcus & Millichap has arranged the sale of an undisclosed skilled nursing facility in Ogden for $7.5 million. A regional operator bought the 88-bed facility. Tony Cassie and Dan Mahoney of Marcus & Millichap represented both the buyer and seller in the transaction.