August 10, 2016
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.
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