The Crossing, a newly built 95-unit community in the South Salt Lake neighborhood of Salt Lake City, has changed hands. Marcus & Millichap’s Institutional Property Advisors division facilitated the sale on behalf of the buyer, Elan Multifamily Investments. The seller was Liberty Crossing Associates LLC, which according to public records is affiliated with Cowboy Partners, and the buyer took a $11.7 million Fannie Mae loan from PNC Bank to finance the transaction, public records show.
Completed in 2019 and formerly known as Liberty Crossing, the property includes 32 affordable units, more than 110 parking spots and is located within an opportunity zone, Yardi Matrix data shows. The list of amenities includes a shuttle train, as well as a roof terrace and sundeck.
Located at 99 E. Central Pointe Place, the pet-friendly community is situated between the interchange of highways 15 and 80 and the Sugar House neighborhood. Several shopping and dining options, as well as the S-line streetcar, are within walking distance.
The IPA team that facilitated the sale on behalf of the buyer included Senior Vice President Danny Shin and First Vice President Brock Zylstra.
Powering through the health crisis
While the COVID-19 health crisis has affected the multifamily sector to some extent on a national level, the Salt Lake City market continues to display relatively sound fundamentals, a recent Yardi Matrix report shows. And although the average rent contracted 20 basis points in the three months ending in May—on par with the U.S. figure—transaction volume in the first five months of 2020 surpassed the figure registered last year through May.
Just last month, a joint venture including Lowe Project Group, BCG Holdings, Q Factor and Bridge Investment Group kicked off a major mixed-use project in the metro, the $144 million Post House development, set to bring more than 500 rental units and retail space to the downtown area.