Sale of Village on Main in Bountiful Signifies Multi-Family Housing Market Demand
Salt Lake City—Cushman & Wakefield Commerce announced the sale of the Village on Main, a deluxe mixed-use property with 192 high-end multi-family housing units and 49,441 square feet of Class A retail and office space. The property was purchased by Village Glen Plaza LLC represented by Parkstone Companies. The Seller was Village on Main Street LLC.
“Vacancy rates have remained below 5 percent and over the past 12 months rental rates have increased by more than 3.4 percent, signaling a very healthy market,” said Robert Lindsey, branch manager at the Cushman & Wakefield Commerce Northern Utah office. “These conditions signal a need for more apartment units and with the transaction of the 271,993 square foot Village on Main, we are confident the market is growing stronger.”
Lindsey said the multi-family housing market has been in high demand in Utah, while supply has been significantly low. He believes that the market will need at least 3,000 new units annually to avoid persistently low vacancy rates and diminished rental housing opportunities for Utah’s growing renter population.
Village on Main is located on the intersection of Main Street and Parrish Lane in Bountiful, Utah. The property consists of 53 one bedroom and one bath, 9 two bedroom and one bath, and 130 two bedroom two bath units and a 21,564 square foot fitness center, a beauty and nail salon, convenience store, chiropractor’s office, child day care center, professional office space and storage units. The Multi-Family housing units are a mixture of family dwellings on the north end of the complex, and age-restricted senior dwellings on the south end of the complex.