CBC Advisors Completes 2 West Coast Multifamily Sales
The Cove at Overlake in Tooele, Utah, and student housing community The Pines, in Rexburg, Idaho, changed hands in two off-market transactions totaling 204 apartment units.
By Ariela Moraru
Coldwell Banker Commercial Advisors has structured two off-market multifamily transactions totaling approximately 204 units. The firm represented both the sellers and the buyers of the two properties in Tooele, Utah, and Rexburg, Idaho.
The Cove at Overlake
Located at 1837 Berra Blvd. in Tooele, Utah, The Cove at Overlake is a 132-unit, Class A apartment community built in 2014 by a local partnership. A NoCal-based private partnership purchased the property in a 1031 exchange. Rawley and Darren Nielsen, investment sales advisors at CBC Advisors, represented the seller and buyer in the transaction. Community amenities include a playground, fitness center, clubhouse, picnic areas, swimming pool and spa/hot tub. The property is close to a medical center and a retail center.
Adjacent to Brigham Young University-Idaho in Rexburg, Idaho, The Pines is a 72-unit student housing community totaling 344 beds. Patrick Lucero, CBC senior vice president, represented the seller, Hemming Properties, which maintained some ownership in the property after the sale. Rawley Nielsen represented the buyer, Pines Investors LLC, a Provo, Utah-based student housing investment group.
Images courtesy of CBC Advisors