SALT LAKE CITY, UT - Apartment Realty Advisors (ARA) announced the largest sale of multifamily property in the history of the state of Utah. The acquisition included four properties, Foothill Place, Park Capitol, Somerset Village and Southwillow, which sold as a portfolio for more than $120 million. ARA's Salt Lake City-based principal, Jed Millburn, brokered the transaction. The four property Salt Lake City portfolio sale, which together comprises a total of 1511 units, significantly exceeds last October's record-breaking sale of 1215-units, which was also set by Jed Millburn.
"Multiple offers to acquire the portfolio were made from various buyer types. The exuberant market response surrounding the portfolio is a demonstration of the fact that Salt Lake City has appeared on the radar for many investors as one of the strongest performing markets in the country both from an economic and multi-family perspective," said Millburn. "It has been one of the strongest growth markets in the nation, and continues to have a strong national ranking in job growth, population growth, rent growth, personal income growth and unemployment rates."
Foothill Place Apartments, built in 1975, consists of 450 apartment units located at 2260 Foothill Drive. The property is very well located near the University of Utah and University Hospital, in one of the most prestigious neighborhoods in the Salt Lake Valley.
Park Capitol Apartments, built in 1971, consists of 135 apartment units and is located at 215 N. Main Street. It is also ideally situated on the periphery of the Central Business District of Salt Lake City, which is just one block north of both the LDS Conference Center and Historic Temple Square, as well as just two short blocks south of the State Capitol building.
Somerset Village was built in 1986 and consists of 486 apartment units located at 3810 S. Redwood Road. The property sits in an in-fill location in the heart of the Salt Lake Valley close to the Valley Fair Mall renovation project. Somerset Village boasts a variety of functional floor plans and an extensive amenity package.
Southwillow, built in 1987, consists of 440 apartment units located at 6885 S. Redwood Road. Located in the southwest part of the Salt Lake Valley in close proximity to a variety of new growth areas, this property provides easy access to major employment centers, including the new Intermountain Medical Center.
Source: PRnewsWire.com