253-Unit Value-Add Multifamily Asset Sells in Salt Lake City
SALT LAKE CITY, Oct. 24, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Country Lake Apartments, a 256-unit multifamily property in Salt Lake City.
“Propelled by robust job growth for degreed positions, demand for Salt Lake City apartments is strong and the city’s vacancy rate is one of the lowest in the nation,” said Steve Gebing, IPA senior managing director. 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, Aukum Group. The purchaser is a joint venture between TruAmerica and Investcorp.
“Constructed in 1973, Country Lake Apartments gives new ownership the opportunity to add value through the continuation of the apartment interior renovation program,” added Shin.
The property is one mile from the Meadowbrook light rail station, four miles from downtown and near U.S. Highway 89, State Route 71 and Interstate 15. The University of Utah is seven miles from the community and Salt Lake City International Airport is approximately 16 minutes away. Situated on nearly 13 acres, Country Lake Apartments is a garden-style multifamily asset with a tree-lined entryway, a heated swimming pool, scenic walking paths and picnic areas with gas barbecue grills.
Cody Cannon is Marcus & Millichap’s broker of record in Utah.