Institutional Property Advisors Brokers Salt Lake City Metro Area Apartment Property Sale
“A center for people, goods, data and services moving throughout the Silicon Slopes technology region, Midvale’s growing population has more renters than homeowners,” said Brock Zylstra, IPA senior vice president investments. Zylstra and Danny Shin, IPA senior managing director, represented the seller, Benedict Canyon Equities and procured the buyer, Peak Capital Partners. “The Salt Lake City area’s strong employment market, higher-than-national annual median household income, and the increasing cost of a single-family home continue to create favorable conditions for multifamily investors,” added Shin.
Park Station is accessible from interstates 15, 215 and 89. Two main thoroughfares throughout the Wasatch Front, Bangerter Highway and Redwood Road, are within a short drive. The city has two Utah Transit Authority rail line routes and three light rail stations. The Midvale Center station, which provides service to Downtown Salt Lake City and Draper, is three-tenths of a mile from Park Station. There are three shopping centers within walking distance and Salt Lake Community College is a short drive away.
Constructed in 1974, Park Station is composed of spacious, one- and two-bedroom floorplans with washers and dryers, air conditioning, and private patios and balconies. The property is enhanced by a landscaped courtyard area, a recently completed fitness center and an outdoor pool. Additional amenities include a children’s playground, laundry facilities, and covered parking.
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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.