Institutional Property Advisors Brokers Suburban Salt Lake City Multifamily Asset Sale
November 19 2021 - 4:15PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE: MMI), announced today the sale of Incline at
Anthem, a 298-unit, age 55-plus multifamily complex in Herriman,
Utah.
“The property is the first active, older adult multifamily
community in Herriman,” said Daniel Shin, IPA senior managing
director. Shin and IPA’s Brock Zylstra, Steve Gebing, Cliff David
and Hamid Panahi procured the buyer, Ridan Inc. The seller was
Buchanan Street Partners. Justin Forman is Marcus & Millichap’s
broker of record in Utah. “The Salt Lake City area continues to be
one of the more affordable multifamily markets in the nation and
renter demand remains strong,” said Zylstra.
Located 32 miles from Salt Lake City, Herriman is a largely
suburban community bordered by Camp W. G. Williams, a Utah National
Guard training center, and surrounded by opportunities for outdoor
recreation, including Conservation Garden Park and Yellow Fork
Canyon. Incline at Anthem is a short distance from Salt Lake
Community College, University of Phoenix, and Westminster
College.
“As the older adult population expands, driven by the baby
boomer generation and longer life expectancies, demand for 55-plus
living communities will increase over the long term,” noted
Gebing.
Completed in 2018 on eight acres, apartments at Incline at
Anthem have open concept living areas, vaulted ceilings, wood-style
flooring, plush carpeting, and washers and dryers. Amenities
include a resort-inspired pool and spa, yoga, cycle and cross fit
studio, lounge with billiards and shuffleboard, business center and
conference room.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 8,954 transactions in 2020 with a
value of approximately $43 billion. Marcus & Millichap 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211119005734/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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