Colliers Brokers Sale of Promenade Place Student Housing Asset Near Utah Valley University
OREM, UTAH — Colliers International has arranged the sale of Promenade Place, a student housing property located at 875 S. Geneva Road in Orem. Woodbury Corp. sold the asset to a private out-of-state investor.
Constructed in 2017, Promenade Place is a transit-oriented, 429-bed student housing property located adjacent to Utah Valley University. While terms of the transaction were not released, the sale is one of the largest student housing transactions in Utah and set a record as the highest price per bed, according to the brokers.
Rawley Nielsen, Mark Jensen and Darren Nielsen of Colliers facilitated the deal and represented the seller.