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Salt Lake City – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, arranged the sale of Broadway Place, a 73-unit senior living apartment property in Salt Lake City.
Daniel Shin, a senior associate in Marcus & Millichap’s Salt Lake City office, represented the buyer, a limited liability company.
“Well-located properties in Salt Lake City like Broadway Place are attracting a high degree of investor interest as out-of-state buyers, especially those from the West Coast, are expanding the buyer pool and chasing higher first-year yields than those found in coastal markets,” said Shin. “Demand for seniors housing units is also intensifying, thanks to a rapidly improving housing market.”
The property is located at 556 E. 300 South in Salt Lake City’s central city historic district.
Built in 2012, the 78,330-square-foot Broadway Place is a pet-friendly community that provides residents with 24-hour emergency maintenance services, secure underground parking, a garden courtyard and a large social room.
Apartments feature nine-foot ceilings, TV and data outlets in the living room and bedrooms, washer and dryer, built-in microwave and dishwasher, and private patio or balcony.