Institutional Property Advisors Completes Salt Lake City 55-plus Senior Housing Community Sale
August 22, 2022
DRAPER, Utah, Aug 22, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Ivy at Draper, a 277-unit, 55-plus active senior housing community in Draper, Utah.
“Draper City’s prestigious location at the Point of the Mountain, in the south end of Salt Lake Valley and north end of Utah Valley allows for easy connectivity to all areas in Salt Lake and Utah counties,” said Danny Shin, IPA senior managing director investments. “Given the property’s exclusive access to the region’s prosperous economy, world-class healthcare, and versatile lifestyle opportunities, residential occupancy and retention rates remain extremely high as attention and care for residents is of utmost importance to this asset.” Shin and Brock Zylstra, IPA senior vice president investments represented the seller, and procured the buyer.
“Being a top leader in the state’s economy as part of the Silicon Slopes tech corridor, and with over 1,000 businesses in various industries operating in our city, multifamily assets are highly coveted and garner significant attention from interested buyers,” added Zylstra. “The Ivy at Draper was a prime example of this, especially given its purpose to provide a resource-driven lifestyle to residents. With strong neighboring demographics, including a 5-mile radius population of 160,000 and an average household income of just under $140,000, Draper is primed to continue its economic growth, further enhancing the values of well-maintained and accessible properties like The Ivy.”
The mountain-side property features expansive views, landscaped grounds, walking paths, and outdoor amenities, including a courtyard with fireplace, barbeques, and a dog park. Lastly, the property includes a recently modernized resident clubhouse, 24-hour fitness center, on-site cafe, hair salon, gaming room, and a library. Ivy at Draper has convenient freeway access with expanded connectivity to Interstates 15, 215, and 80 and immediate access to Bangerter Highway, a main thoroughfare throughout the Wasatch Front.
“Draper City’s prestigious location at the Point of the Mountain, in the south end of Salt Lake Valley and north end of Utah Valley allows for easy connectivity to all areas in Salt Lake and Utah counties,” said Danny Shin, IPA senior managing director investments. “Given the property’s exclusive access to the region’s prosperous economy, world-class healthcare, and versatile lifestyle opportunities, residential occupancy and retention rates remain extremely high as attention and care for residents is of utmost importance to this asset.” Shin and Brock Zylstra, IPA senior vice president investments represented the seller, and procured the buyer.
“Being a top leader in the state’s economy as part of the Silicon Slopes tech corridor, and with over 1,000 businesses in various industries operating in our city, multifamily assets are highly coveted and garner significant attention from interested buyers,” added Zylstra. “The Ivy at Draper was a prime example of this, especially given its purpose to provide a resource-driven lifestyle to residents. With strong neighboring demographics, including a 5-mile radius population of 160,000 and an average household income of just under $140,000, Draper is primed to continue its economic growth, further enhancing the values of well-maintained and accessible properties like The Ivy.”
The mountain-side property features expansive views, landscaped grounds, walking paths, and outdoor amenities, including a courtyard with fireplace, barbeques, and a dog park. Lastly, the property includes a recently modernized resident clubhouse, 24-hour fitness center, on-site cafe, hair salon, gaming room, and a library. Ivy at Draper has convenient freeway access with expanded connectivity to Interstates 15, 215, and 80 and immediate access to Bangerter Highway, a main thoroughfare throughout the Wasatch Front.
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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.