SANDY, Utah, Jan. 10, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Cobblegate Apartments, a 448,675-square-foot, 416-unit luxury apartment community in Sandy, Utah. The $93,887,000 sales price equates to more than $225,000 per unit. The transaction is the largest multifamily property sale ever in Utah.
“Economic growth, robust demographic trends, and improving property fundamentals support strong demand for Salt Lake City multifamily properties,” says Daniel Shin, a vice president investments in the firm’s Salt Lake City office. “Buyers are aggressively pursuing available assets, pushing up the average price per unit and forging into unprecedented territory. Cap rates, while compressed, are also highly attractive, especially to investors from the Golden State.”
Shin, along with Brock Zylstra, a senior associate, represented the seller, a local developer.
Completed in 2016, the apartment community is located at 910 East 9000 South in Sandy. Dimple Dell Regional Park, the Jordan Commons Megaplex Theatres, and South Towne Center, a 1,300,000-square-foot shopping mall, are all nearby.
Cobblegate’s one-, two- and three-bedroom apartment homes feature nine-foot ceilings, large picture windows, and a fiber optic internet/satellite television package. Community amenities include underground parking, attached and detached garages and carports, a swimming pool, a hot tub, a large fitness center, a playground and a clubhouse.