Bridge Investment Picks Up 348-Unit Garden-Style Asset
Wasatch Property Group sold the Salt Lake City-area property after almost 30 years of ownership.
Broadmoor Village. Image courtesy of Institutional Property Advisors
The 348-unit Broadmoor Village in West Jordan, Utah, has changed ownership. Bridge Investment Group acquired the garden-style property from Wasatch Property Group.
Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction on behalf of the seller and procured the buyer. According to data provided by Yardi Matrix, the 1986-built asset last traded in 1991, for $8.6 million.
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The community sits on 16 acres at 3375 W. 7800 South and features 108 three-story buildings with one-, two- and three-bedroom units, averaging 867 square feet. Common-area amenities include a basketball court, a playground, walking paths, a heated swimming pool and a courtyard, as well as 350 ground-level parking spaces.
Broadmoor Village is located east from Bangerter Highway, which connects with interstates 15 and 215. A light rail station and a commuter rail station are easily reachable from Broadmoor Village. A variety of dining and shopping venues are near the property, including those within Jordan Landing, a 500-acre master-planned community.
Educational centers such as Broadview University and Hawthorne University are situated east from Broadmoor Village. Mountain View and the River Oaks golf courses are among the closest entertainment sites.
High demand for housing
Silicon Slopes, Utah’s technology corridor spanning from Ogden to Provo, continues to sustain economic growth in metro Salt Lake City, according to a prepared statement from IPA Senior Director Danny Shin. The elevated business activity in the area has resulted in increased demand for multifamily, with the sector showing the highest growth rate in the Western part of the country—13.3 percent—IPA First Vice President Brock Zylstra said in a prepared statement.
Bridge Investment Group has been active across other western markets in the past few days, as well. The company provided an acquisition loan to Western Wealth Capital to purchase a 216-unit Las Vegas community.
