361-Unit Institutional Asset Trades After 25-Year Hold
SALT LAKE CITY, Aug. 21, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Cobble Creek, a 361-unit multi-housing asset in Salt Lake City.
“Developed in 1974, Cobble Creek is a tranquil suburban apartment community that was owned and operated by the seller for more than 25 years,” says Steve Gebing, IPA senior managing director. “Meticulously maintained, the property nonetheless presents new ownership with a myriad of revenue enhancement opportunities.”
Gebing and Marcus & Millichap’s Cliff David, senior managing director, Danny Shin, senior vice president investments, and Brock Zylstra, vice president investments, represented the seller, NALS Apartment Homes. The buyer is an established, family-owned real estate investment business.
“Single-family home prices within a three-mile radius of Cobble Creek average $369,400, which is 24 percent higher than the city’s average,” notes Shin.
“Set amongst a pond, streams and mountain views six miles south of downtown Salt Lake City, Cobble Creek has more than 1,500 linear feet of unobstructed drive-by visibility along the Van Winkle Expressway, State Route 152. Nearby Interstate 215, Highway 89, and Interstate 15 provide access to all areas of the Salt Lake City metro, including downtown Salt Lake City, Ogden, Provo, Mount Olympus and Great Salt Lake State Park. Salt Lake City International Airport is 20 minutes northwest of the property and there is 12 million square feet of neighborhood retail and dining within a three-mile radius. The 309,696-net-rentable-square-foot property is set on more than 18 acres and the weighted average unit size is 858 square feet.
Cody Cannon is Marcus & Millichap’s broker of record in Utah.