Berkadia Completes Sale Of Two Properties in Utah
Salt Lake City— Berkadia today announced the sale of The Gate at Canyon Ridge and Nexus on 9th, two garden-style multifamily properties in Utah. The Nexus on 9th sale, specifically, represented the highest price-per-unit for an apartment complex in Utah. Managing Director Greg Barratt of Berkadia’s Salt Lake City office completed both sales.
“The Gate at Canyon Ridge presented a strong value-add opportunity for the buyer who was purchasing their first Utah apartment asset,” said Barratt. “Nexus on 9th was equally notable—we closed this record-setting sale with the highest price-per-unit ever sold for any apartment complex in the state of Utah. Both of these transactions are testaments to the sustained in-migration and job growth that are driving apartment demand and value throughout Utah.”
Located at 1455 Valley Drive in Odgen, Utah, The Gate at Canyon Ridge features one- and two-bedroom floor plans with walk-in closets, vinyl flooring, air conditioning, and ceiling fans. Residents have access to a fitness center, a pool, a basketball court and a tennis court. The 167-unit property affords convenient access to Odgen Botanical Gardens, Big Dee Sports Park, Albertson’s Center, and Lion’s Club Park. The deal closed on August 30.
Located at 932 S 900 E in Salt Lake City, Nexus on 9th features studio, one- and two-bedroom floor plans with wood flooring, large walk-in closets, and open-concept living areas. Residents have access to a fitness center, garage parking, and bike storage. The 28-unit property affords convenient access to Liberty Park, Miller Bird Refuge and Nature Park, Chase Home Museum and Gilgal Sculpture Park. The deal closed on October 29.
Property photos are available upon request.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.