MidCap Financial, Ashley Creek Village II Sell Two Multifamily Assets in Vernal, Utah


Located in Vernal, Utah, the two-property multifamily portfolio includes the 128-unit Willow Park (left) and the 96-unit Ashley Creek Village (right).

VERNAL, UTAH — MidCap Financial and Ashley Creek Village II have completed the disposition of a two-property multifamily portfolio in Vernal, in the eastern part of the state near the Colorado border. DLP Real Estate Capital acquired the assets, which offer a total of 296 units, for an undisclosed price.

Completed in 2013 and 2015, the portfolio comprises 13 buildings with garden-style construction. At the time of sale, the portfolio was 95 percent occupied. The portfolio includes the 96-unit Ashley Creek Village, located at 210 E. 500 South, and the 128-unit Willow Park, located at 110 N. 2500 West. Ashley Creek Village features private garages, a clubhouse, 24-hour fitness center, outdoor basketball court, playground and firepit. Willow Park features outdoor space with private garages, walking and biking trails, a playground area and a clubhouse.

Patrick Bodnar and Eli Mills of CBRE’s Salt Lake City office represented the sellers in the deal.

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