Institutional Property Advisors Closes 276-Unit Multifamily Sale in Salt Lake City Suburbs
SANDY, Utah, Aug. 13, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Falls at Hunters Pointe, a 276-unit multifamily property in Sandy, Utah.
“Built in 1994, Falls at Hunters Pointe benefits from the continuing growth and development of the Greater Salt Lake City area and the thriving economic ecosystem of Utah’s technology community, Silicon Slopes,” said Danny Shin, IPA senior managing director. Shin and Brock Zylstra, IPA first vice president, represented the seller, The Wasatch Group and procured the buyer, TruAmerica Multifamily. “The property gives the buyer a value-enhancement opportunity through the implementation of a strategic common area and apartment interior renovation program,” added Zylstra.
Located on State Street in the Sandy-Draper submarket, the property is near The Shops at South Town shopping mall, Draper Peaks shopping park and Rio Tinto Stadium. The community is accessible from Interstate 15, and U.S. Route 89. The Salt Lake Community College, University of Phoenix-Utah and Westminster College are nearby. Silicon Slopes is home to 66,700 businesses and employers such as The University of Utah, Intermountain Medical Center, Microsoft, Oracle, and Adobe.
Falls at Hunters Pointe’s one-, two- and three-bedroom floor plans have open kitchens, large dual-pane windows, private patios or balconies and views of the Wasatch Mountains. Community amenities include covered parking, a swimming pool, basketball, racquetball, tennis courts, a playground, walking and biking trails.
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