Colliers International Facilitates Student Housing Deal
Salt Lake City— Colliers International today announced the landmark sale of Promenade Place in Orem, Utah. This sale was one of the largest student housing transactions ever in the state of Utah, and set a record as the highest price per bed. Rawley Nielsen, Mark Jensen and Darren Nielsen from Colliers International facilitated the transaction and represented Woodbury Corporation on this high-profile student housing property.
“The sale of Promenade Place demonstrates the continued and growing interest for investment properties in Utah County and along the Wasatch Front,” said Rawley Nielsen, president of investments at Colliers International | Utah. “Utah has become a destination place for national and international investors looking to preserve and grow their wealth in one of the hottest and fastest-growing markets in the U.S.”
Constructed in 2017, Promenade Place is a transit-oriented 429-bed student housing project located adjacent to Utah Valley University (UVU). According to the university, UVU is the largest and fastest-growing public university in Utah. With nearly 40,000 students, enrollment is projected to grow more than 25 percent by 2025.
“We are pleased that Colliers identified a buyer committed to operating Promenade Place in a first-class manner and to providing high-quality housing to students,” said Randy Woodbury, president of Woodbury Corporation. “We enjoy working with Colliers International and appreciate the national and international exposure they bring to our market.”
The transaction marks the fifth sale of UVU-adjacent properties that the Nielsen Jensen Team has closed in the past year. The buyer was a private out-of-state investor, who paid all cash for the building.
About Colliers International Group
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate service and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners, and investors. For more than 20 years, our experienced leadership team, owning approximately 40 percent of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
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