Institutional Property Advisors Completes Active Adult Asset Sale in Suburban Salt Lake City
“Lakeside Village’s suburban location makes it easily accessible from throughout Greater Salt Lake City via Interstates 15, 215, 80 and the Bangerter Highway,” said Danny Shin, IPA senior managing director investments. “The Salt Lake City area’s strong demographics include a growing population of 1.23 million residents with an annual average household income of $93,700.” Shin and Brock Zylstra, senior vice president investments represented the seller and procured the buyer. “Lakeside Village’s recently modernized clubhouse, additional storage options, and covered and recreational vehicle parking lay the groundwork for the property to be leveraged as a true value-add asset,” added Zylstra.
The property is 12 miles from Downtown Salt Lake City and there is more than 16.5 million square feet of retail and entertainment within a five-mile radius. Nearby shopping centers include Valley Fair Mall, Fashion Place Mall and City Creek Center. St. Mark’s Hospital and the University of Utah Hospital are nearby, and Salt Lake City International Airport is within a short drive.
Constructed in 1997 on more than seven acres, Lakeside Village’s unit mix is all one- and two-bedroom floor plans with eight-foot ceilings, walk-in closets, and private balconies or patios. The average unit size is 949 square feet. Community amenities include a swimming pool, hot tub, community garden, and a pond.
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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.