Out Of State Investors Target Multifamily In Salt Lake City Area

Error message

  • Notice: Undefined index: taxonomy_term in similarterms_taxonomy_node_get_terms() (line 518 of /home/rentalho/public_html/sites/all/modules/similarterms/similarterms.module).
  • Notice: Undefined index: taxonomy_term in similarterms_taxonomy_node_get_terms() (line 518 of /home/rentalho/public_html/sites/all/modules/similarterms/similarterms.module).
  • Notice: Undefined offset: 0 in similarterms_list() (line 221 of /home/rentalho/public_html/sites/all/modules/similarterms/similarterms.module).
  • Notice: Undefined offset: 1 in similarterms_list() (line 222 of /home/rentalho/public_html/sites/all/modules/similarterms/similarterms.module).
The Editors's picture
out of state investors target multifamily housing in salt lake city area

A commercial real estate investment firm has announced the sale of Lionsgate, a 15-building, 400-unit multifamily complex in Murray, Utah, according to a release.

 The property sold for $67.25 million, which represents more than $168,000 per unit, according to the release from Marcus & Millichap.

“Out-of-state investors continue to target multifamily assets in Salt Lake City and some have refined their focus to include areas south of the city such as Murray where vacancy is lower and rent growth is above average,” Danny Shin, senior vice president investments in Marcus & Millichap’s Salt Lake City office, said in the release.

 Shin represented the seller, a local owner, and procured the buyer, a Seattle-based investor.

Lionsgate was built in 2014 and features one-, two- and three-bedroom floorplans that range from 942 square feet to 1,165 square feet.

The property is located at 136 W Fireclay Ave. in Murray, eight miles south of Salt Lake City and 40 miles north of Provo.

Access to Interstate 15 is one mile away and Westminster College, the University of Utah, and the Salt Lake City International Airport are nearby.

About Marcus & Millichap

The Salt Lake City office of Marcus & Millichap provides real estate investment sales, research information and advisory services for multifamily, retail, office, single-tenant net-lease, manufactured housing, hospitality, industrial, land, self-storage and government leased properties. Salt Lake City agents leverage the firm’s national marketing platform to provide real estate investors with access to the industry’s largest inventory of deliverable commercial property as well as to the largest pool of qualified private and institutional buyers and sellers.

With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion.

Rate this article: 
No votes yet