DRAPER, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Ivy at Draper, a 277-unit active adult community.
Located in the Salt Lake City suburb of Draper, the community features freeway access, with connectivity to interstates 15, 215 and 80 and immediate access to Bangerter Highway, a main thoroughfare throughout the Wasatch Front. The buyer, seller and price were not disclosed.
“Draper’s prestigious location at the Point of the Mountain, in the south end of Salt Lake Valley and north end of Utah Valley, allows for easy connectivity to all areas in Salt Lake and Utah counties,” says Danny Shin, IPA senior managing director of investments.
Shin and Brock Zylstra, IPA senior vice president of investments, represented the seller.
“Being a top leader in the state’s economy as part of the Silicon Slopes tech corridor, and with over 1,000 businesses in various industries operating in our city, multifamily assets are highly coveted and garner significant attention from interested buyers,” says Zylstra.
“The Ivy at Draper was a prime example of this, especially given its purpose to provide a resource-driven lifestyle to residents. With strong neighboring demographics, including a five-mile radius population of 160,000 and an average household income of just under $140,000, Draper is primed to continue its economic growth, further enhancing the values of well-maintained and accessible properties like The Ivy.”