Institutional Property Advisors Facilitates Suburban Salt Lake City Multifamily Asset Sale
WEST VALLEY CITY, Utah, July 2, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Mountain View, a 96-unit multifamily asset in West Valley City, Utah.
“The Salt Lake City metropolitan area was one of the few in the nation to add jobs in 2020,” said Danny Shin, IPA senior director. “Employment opportunities helped the metro’s population grow by over 37,700 people last year, which is three times the national rate.” Shin and Brock Zylstra, IPA first vice president, represented the seller, Colrich, and procured the buyer, Clear Capital. Mountain View is Clear Capital’s first acquisition in Utah. “Population growth in the prime renter cohort advanced at an even faster pace,” added Zylstra. “Low inventory and high prices in the single-family home market have also increased the metro’s need for housing.”
Mountain View is 12 miles south of Downtown Salt Lake City, near access to interstates 15, 215 and 80 and Bangerter Highway, a main thoroughfare that runs throughout the Wasatch Front. Fairbourne Station a new 8.5-acre mixed-use development with 235,000 square feet of office space, retail space, a 162-room hotel and residential living, is located three miles away. Silicon Slopes, home to 66,700 businesses and employers such as The University of Utah, Intermountain Medical Center, Oracle, Adobe, and Microsoft is within a short drive. Built in 1985 on four acres, Mountain View’s unit mix is all two-bedroom apartments with spacious bedrooms, washers and dryers, and private balconies or patios. The average unit size is 955 square feet. The property’s landscaped, tree-lined grounds have mountain views, walking paths and outdoor amenities that include a swimming pool, grilling stations, and a playground.
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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