Parley’s Partners has broken ground on Birkhill on Main Apartment Homes, a $45 million transit-oriented project in the thriving multi-family market of Murray.
As reported Sept. 17 by Multi-Housing News, the first of four phases of construction will consist of 137 rental units, 96 of them designated as affordable housing. Following completion of phase one during the first quarter of next year, the developers will start construction of another 65 units in June 2013. The third phase will add the final 109 residential units by 2016, followed by construction of a three-story office building. The development will meet the Enterprise Green Communities Certification Standard and feature Energy Star-compliant appliances.
Designed by KTGY Group Inc., the complex will include such amenities as a clubhouse, a courtyard, basketball court, fitness facilities, swimming pool and an attached $1.8 million parking structure that will offer residents direct access to their vehicles. A paved trail will link the property to the Jordan River Parkway’s 40-mile network of trails. Apartments will have tall ceilings, granite countertops, generous closet space and balcony or patio access. Birkhill on Main Apartment Homes is near retail and dining spots and the TRAX light rail line.
According to Marcus & Millichap Real Estate Investment Services Inc., Murray is Salt Lake City’s strongest multi-family residential submarket, with a 2.9 percent vacancy rate. Demand is expected to tighten the market further, and developers appear to be responding. Permitting for new multi-family projects is far outpacing the tally for 2010 and 2011.
For a more in-depth take on the Birkhill development, click here.
Chart courtesy of Marcus & Millichap Real Estate Investment Services at marcusmillichap.com
For additional Salt Lake City market data, click here.