SALT LAKE CITY, July 9, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Liberty Crossing, a 95-unit multifamily asset in Salt Lake City, Utah.
“The underlying dynamics of the Salt Lake City investment market remain sound, despite current challenges,” said Danny Shin, IPA senior vice president. “With its healthy economic climate, highly educated workforce, and growing list of high-profile employers entering the market, Salt Lake City and nearby developing submarkets continue to be pursued by a wide range of multifamily investors.” Shin and Brock Zylstra, IPA first vice president, brokered the transaction with the buyer, Elan Multifamily Investments, a Silicon Valley-based syndicator. The seller was Liberty Crossing Associates LLC. “The newly constructed luxury apartment community is part of a 14.5-acre mixed-use redevelopment project in the heart of Downtown South Salt Lake,” added Zylstra. “Liberty Crossing is well positioned for future growth due to its superior location and exceptional demographics.”
The 102,011-rentable-square-foot property was built in 2019 in Salt Lake City’s South Salt Lake City neighborhood, which is close to the city’s popular Sugar House neighborhood. The Utah Transit Authority’s (UTA) S-line streetcar, which links to the light rail system, connects residents to many destinations, including Downtown Salt Lake City, the University of Utah and Salt Lake City International Airport. Shopping and dining are within walking distance and UTA bus lines, Westminster College and LDS Business College are nearby. Community amenities include a shuttle to the train, roof terrace and sundeck.
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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.