Luxury Multifamily Property Sale Completed by Institutional Property Advisors in Greater Salt Lake City
SANDY, Utah, Feb. 19, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Axio 8400, a 332-unit multifamily asset located 13 miles from Downtown Salt Lake City in Sandy, Utah.
“The Greater Salt Lake area’s steady rise in population and job growth have made it one of the western region’s strongest economic ecosystems,” said Brock Zylstra, IPA first vice president. “Sandy’s area-leading demographics include an average single-family home price of $437,000, and average household income of $113,000.” Zylstra and IPA’s Danny Shin, Steve Gebing and Cliff David represented the seller, an affiliate of Mountain Capital Partners, an affiliate of Dekel Capital, and Castlewood Development. The buyer is Pacific Development Partners. “Seventy-five percent of Sandy’s residents are white-collar professionals,” noted Shin.
The property’s location just off State Street/U.S. Route 89, within a mile of two light rail stations and close to interstates 15 and 215, gives residents access to Greater Salt Lake’s Silicon Slopes high-tech region. “Since 2015, Silicon Slopes has seen an increase of more than 100,000 jobs and infrastructure growth that includes 19 million square feet of currently under construction or proposed office, industrial, and flex space,” noted Gebing. Amazon, Adobe, Dell Inc., eBay, Microsoft, Oracle, and Qualtrics are among the region’s many high-tech employers. Retail, dining, and entertainment are near the property at The Shops at South Town, The Shops at Fort Union, Fashion Place Mall and Rio Tinto Stadium.
Developed in 2018 on 9.5 acres, Axio 8400 is a garden-style, mid-rise asset with luxury, open-concept apartments that have nine-foot or higher ceilings and private patios or balconies with outstanding views. Community amenities include a business center with a conference and media room, a resort-style swimming pool, a community playground, detached garages, and covered carport parking. Gary Mangum 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