Institutional Property Advisors Facilitates Salt Lake City Metro Multifamily Sale
LAYTON, Utah, Nov. 10, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Eastgate at Greyhawk, a 108-unit multifamily property in Layton, Utah.
“Utah’s tax incentive programs continue to attract businesses and the Salt Lake City area’s strong job market and affordability relative to other national markets attracted young professionals at faster rate than all other U.S. markets in 2020,” said Brock Zylstra, IPA senior vice president investments. Zylstra and Danny Shin, IPA senior managing director, represented the buyer, Marble Partners. The seller is Keller Investment Properties. “This year, the metro’s multifamily vacancy rate will decline to 2.9%, which will be the lowest year-end vacancy recorded in the Salt Lake City metro in the preceding 20 years,” added Shin.
Marble Partners is a real estate private equity firm based in Los Angeles, California. The company, founded in 2018 by Peter Hagist, specializes in value-add multifamily assets across the nation. To date, the company has completed 27 transactions totaling $1.2 billion in capitalization across 6,500 units. Eastgate is the company’s fifth acquisition in Utah.
The property’s location near U.S. Highway 89, Interstate 15 and the Layton and Clearfield FrontRunner commuter rail stations provides direct access to Ogden and Salt Lake City. Hill Air Force Base is adjacent to the community, Weber State University is nearby, and shopping is close by at Wyndom Square and Windsor Square II.
Constructed in 2012 on five-plus acres, Eastgate at Greyhawk has a swimming pool, pet park, playground and covered parking among its amenities. Apartments have patios or balconies, large closets and washers and dryers. Select units offer views of the Wasatch Mountains.
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