Utah Valley Multifamily Asset Sold by Institutional Property Advisors
VINEYARD, UT., May 28, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Alloy at Geneva, a 324-unit multifamily asset within Geneva, a master-planned community in Vineyard, Utah.
“The Alloy at Geneva is a condominium-quality asset with a well-balanced mix of lifestyle amenities located in the fastest-growing city in the nation,” said Brock Zylstra, IPA first vice president. “Vineyard’s population increased by more than 60% between 2017 and 2018 and conservative estimates suggest the area will expand by an additional 26,000 residents by 2025.” Zylstra and IPA’s Steve Gebing, Cliff David, and Danny Shin represented the seller, an affiliate of Dekel Capital and an affiliate of Mountain Capital Partners. The buyer is Roundhouse. “With current median age of 24.6 years, Provo-Orem is one of the youngest metros in the country and the population is expected to grow by more than 10% by 2023,” noted Shin.
Surrounded by a mountainous landscape, the 1,700-acre Geneva community is situated on the former site of the Geneva Steel Co. with 1,056 feet of unobstructed drive-by visibility along Utah State Route 114. Route 114 connects to Interstate 15/Veterans Memorial Highway and Highway 89/State Street, which provide connectivity to a transportation network that gives residents access to all areas of the Provo-Orem metro area, including Provo Airport. Brigham Young University, the area’s largest employer, is nearby and there is 5.8 million square feet of retail within a three-mile radius. Utah County’s tech sector, Silicon Slopes, is home to Microsoft, Qualtrics, Ancestry, Adobe, and many other high-tech companies.
“The strong flow of multifamily investment capital between Arizona and Utah is bolstered by the states’ favorable business climates, the in-migration of young professionals to urban core markets and robust demand for housing,” added Gebing. Built in 2015 on 15 acres, the 314,562-square-foot property is composed of 14 three-and four-story residential buildings and a clubhouse. The average unit size is 971 square feet. Phil Brierley is Marcus & Millichap’s broker of record in Utah.
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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.