August 10, 2016 Comments Off on Utah Multifamily Asset Sells for $53M Views: 361 California News, National News, Utah, West

Utah Multifamily Asset Sells for $53M

Developer Colony Partners LLC has sold Sage Gate at Haynes Landing, a 278-unit multifamily asset in West Valley City, UT. The Salt Lake City seller ended up with $52.7 million for the two-year old asset at 2606 S. Anna Caroline Dr.

Daniel Shin and Brock Zylstra with Marcus & Millichap’s Salt Lake City office brokered the transaction. In discussing the deal, Shin noted that new renters in the area are outpacing construction, meaning lower vacancies area-wide.

The current owner is listed as Colrich Multifamily, based in San Diego, CA, and the property has been renamed Sandalwood Apartments. The property was finished in 2014, and offers one-, two- and three-bedroom units, as well as three- and four-bedroom townhomes.

Read More at Businesswire

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