COTTONWOOD HEIGHTS, Utah, Oct. 9, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Ascent in Cottonwood, a 160-unit multifamily property in Cottonwood Heights, Utah.
“Greater Salt Lake City is maintaining its coveted position as one of the leading growth markets in the Western United States and its strong multifamily fundamentals are attracting many different types of investors,” said Danny Shin, IPA senior vice president. Shin and IPA’s Brock Zylstra, Steve Gebing and Cliff David represented the seller, Buchanan Street Partners. The buyer is Warmington Properties. “Ascent in Cottonwood’s recent improvements lay the groundwork for the new owner to continue the repositioning program with apartment interior renovations,” added Zylstra. Phil Brierly is Marcus & Millichap’s broker of record in Utah.
Built in 1996, Ascent in Cottonwood is located near Interstate 215, 15 minutes from Downtown Salt Lake City. The University of Phoenix, Salt Lake Community College and Westminster College are nearby, and The Shops at Fort Union, Fort Union Plaza and Park Center Shopping Center are a short drive away. The property’s many community amenities include a poolside pergola with outdoor TV, a bocce ball court and a dog park.
“Ascent in Cottonwood benefits from its transportation-centric Greater Salt Lake City location, which gives residents immediate access to the boundless economic opportunities of the thriving Silicon Slopes region,” commented Gebing.
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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