IPA completes multifamily property sale in Salt Lake City
Salt Lake City —Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale and financing of North Union, a newly constructed 223-unit multifamily asset in Midvale, Utah.
“Midvale, located in the middle of the Salt Lake Urbanized Metropolitan Area, is 12 miles south of Downtown Salt Lake City and approximately 15 miles from four of the region’s most luxurious mountain resorts,” says Danny Shin, IPA senior managing director. “Midvale’s central location provides excellent mobility connections for residents, tourists, and businesses. People, goods, data, and services can easily move throughout the entire ‘Silicon Slopes’ region of Utah from Midvale.” Shin and Brock Zylstra, SVP investments, represented the seller, Rockworth Companies, and procured the buyer, Keller Investments. Anita Paryani-Rice of IPA Capital Markets arranged the financing. The financing was provided by a debt fund and structured at 73 percent loan-to-cost. The nonrecourse loan had a term of three years with extensions that offer the borrower flexibility on exit.
“Midvale City is over 100 years old but has experienced hundreds of millions of dollars in new investment within the past few years,” added Zylstra. “There are numerous retailers who take advantage of the strategic location that defines Midvale’s unparalleled access to the regional transportation system and its established trade areas. Within the six square miles comprising Midvale, activity and development are abundant every day. The city has a growing population of 33,000 residents, 1,300 businesses, and a daytime population estimated at 25,000 workers,” Zylstra concluded.
Built in 2022, North Union provides residents with luxurious common areas with full kitchens, dining rooms, workstations, and a game room. The upscale amenities
include an outdoor rooftop deck with firepits, barbecue grilling stations, and outdoor lounge seating. For active residents, the property features a fitness center with a yoga studio, pool and hot tub area, and a bocce ball court. The community also features a pet spa and dog wash, secure parking and storage, a ski and bike repair center, and 7,455 square feet of main floor retail.