CBRE announces sale of the Legacy Cottages of Layton and South Jordan
Layton/South Jordan — The Salt Lake office of CBRE has announced the sale of a two-property portfolio, The Legacy Cottages of Layton and The Legacy Cottages of South Jordan. Eli Mills and Patrick Bodnar represented the sellers, Legacy Cottages of Layton, LLC and Legacy Cottages of South Jordan, LLC. The properties were developed by Western States Lodging and AIM Development, the latter of whom was instrumental in the sale. Peak Capital of Utah, in partnership with Principal Real Estate Investors—a dedicated real estate investment management group within Principal Global Investors—acquired the assets.
Completed in 2015 and 2016, the Legacy Cottages of Layton and South Jordan are comprised of 336 units. The properties offer 1- and 2-bedroom units and have a high renewal rate of 79 percent. The buildings were 99-percent occupied at the time of sale. These two highly amenitized and thoughtfully designed properties are both senior communities, age-restricted to 55+. They are extremely well located and close to grocery, retail services, and community centers.
“AIM Development delivered two incredible assets to the market that were very well received by the investor community. The marketing process was extremely competitive due to many out-of-state buyers wanting to be part of Utah’s robust economy,” says Patrick Bodnar.
Eli Mills further noted, “This purchase represents the second for Principal Real Estate Investors in the Utah market, adding to the increasing list of institutional investment firms seeking to make commitments here. Utah’s strong economic outlook will continue to be a significant driver for firms such as these to buy more product and build scale in the market.”
AIM Development Group is a full-service development company located in Salt Lake City, Utah with multiple projects in the mountain west region. www.aimdevco.com
Peak Capital Partners and its affiliates own and manage conventional, affordable, and student apartment properties in growth markets in the United States. www.peakcapitalpartners.com
Principal Real Estate Investors is a vertically integrated platform that incorporates all disciplines of commercial real estate, providing access to opportunities across the spectrum of public and private equity and debt investments. The company manages or sub-advises $98.4 billion in commercial real estate assets (as of September 30, 2021). The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. www.principalglobal.com