$52.6 Million Salt Lake City Multifamily Sale Closed by Marcus & Millichap
August 08 2016 - 5:54PM
Business Wire
Marcus & Millichap (NYSE: MMI) today announced the sale of
Sage Gate at Haynes Landing, a 16-building, 278-unit multifamily
community in West Valley City, Utah. The $52,684,000 sales price
equates to nearly $190,000 per unit.
“The Salt Lake City metro has intense population growth and one
of the lowest unemployment rates in the country, enabling vacancy
to remain tight despite outsized levels of construction,” says
Daniel Shin, vice president investments in Marcus & Millichap’s
Salt Lake City office. “Apartment development in the metro is on
pace to reach a record high this year but the supply of new renters
is outstripping construction with metrowide vacancy remaining well
below the long-term trend. The prospect for future rent growth
remains positive as home prices continue to rise and shifting
lifestyle preferences among Salt Lake City’s young people heavily
favor rental housing.”
Shin, along with Brock Zylstra, an associate in the firm’s Salt
Lake City office, represented the seller and procured the
buyer.
“Sage Gate at Haynes Landing is a recently constructed,
master-planned community that features more than seven acres of
green space,” adds Zylstra.
The property was constructed in 2014 and features one-, two- and
three-bedroom apartment homes and three- and four-bedroom
townhomes. The community is located at 2700 South Anna Caroline
Drive in West Valley City, Utah’s second-largest city. Employers
such as Discover Financial, UPS, and Verizon Wireless are nearby.
Primary access to Utah State Route 201 is located about one mile
from the property and downtown Salt Lake City is within 11
miles.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals
located throughout the United States and Canada, Marcus &
Millichap is a leading specialist in commercial real estate
investment sales, financing, research and advisory services.
Founded in 1971, the firm closed over 8,700 transactions in 2015
with a value of approximately $37.8 billion. The company has
perfected a powerful system for marketing properties that combines
investment specialization, local market expertise, the industry’s
most comprehensive research, state-of-the-art technology, and
relationships with the largest pool of qualified investors. To
learn more, please visit: www.MarcusMillichap.com
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160808006298/en/
Marcus & MillichapGina Relva, 925-953-1716Public Relations
Manager
Marcus and Millichap (NYSE:MMI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Marcus and Millichap (NYSE:MMI)
Historical Stock Chart
From Apr 2023 to Apr 2024