Institutional Property Advisors Completes Apartment Property Sale in Suburban Salt Lake City
WEST JORDAN, Utah, July 13, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Broadmoor Village, a 348-unit apartment property in West Jordan, Utah.
“Salt Lake City is one of the nation’s fastest-growing metropolitan areas, fueled in part by the success of Utah’s technology corridor, Silicon Slopes, which spans 90 miles from Ogden to Provo,” said Danny Shin, IPA senior director. Shin and Brock Zylstra, IPA first vice president, represented the seller, Wasatch Property Group, and procured the buyer, Bridge Investment Group. “Residential demand in Greater Salt Lake has spurred multifamily growth by 13.3%, the highest rate in the Western United States,” added Zylstra.
The property is located near the Jordan Valley light rail station, the South Jordan Front Runner commuter rail station and Bangerter Highway, which connects with interstates 15 and 215 and the greater Salt Lake City metropolitan area. Jordan Landing, a 500-acre master-planned community with nearly 2 million square feet of shopping and dining options is one-half mile away.
Developed in 1986 on 16 acres, Broadmoor Village is a garden-style asset with landscaped grounds, walking paths, a heated swimming pool, and a community courtyard. Solar panels generate energy to assist in supplying power to the common areas. The open-concept floorplans include one-, two- and three-bedroom units. The average apartment size is 867 square feet.
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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