Kennedy Wilson Sells Suburban SLC Senior Housing Community

The Ivy at Draper changed hands after four years. In 2018, the now-seller paid $51.4 million for the 277-unit asset.

The Ivy at Draper

The Ivy at Draper. Image courtesy of IPA

Kennedy Wilson has sold the 277-unit The Ivy at Draper, a 55-plus active senior housing community in Draper, Utah. Marcus & Millichap division IPA arranged the sale on behalf of the seller and procured the buyer, Greystar. According to public records, CBRE arranged a $44.6 million Fannie Mae loan for the acquisition.

Yardi Matrix data shows that the five-story property last traded in 2018, when the now-seller bought it for $51.4 million. The community has one- and two-bedroom units ranging from 693 square feet to 1,147 square feet, according to the same data provider. A total of 260 parking spaces are available to residents, with other amenities including walking paths, a courtyard, barbecues, a dog park, a fitness center, a hair salon as well as a gaming room and a library.

Danny Shin, senior managing director of investments, and Brock Zylstra, senior vice president of investments, were part of the IPA team that brokered the sale.

A mountain-side community

Located at 14075 S. Bangerter Parkway, the property features expansive mountain views and provides easy access to Interstate 15, as well as Wheadon Farm Park, which is less than half a mile west. South Mountain Golf Course is roughly half a mile southeast of the community. Several retail, dining and entertainment options are available within a 1-mile radius of the 2015-built property.

Kennedy Wilson is also purchasing properties in the region. In April, the company acquired a portfolio of multifamily assets totaling 1,110 apartments for $418 million.

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