DEAL OF THE DAY: ARA Negotiates Largest Multifamily Sale in Utah State History for $120M
- Jul 30, 2008
By Anuradha Kher, Online News Editor Salt Lake City–Apartment Realty Advisors (ARA) recently arranged the sale of four multifamily properties including Foothill Place, Park Capitol, Somerset Village and Southwillow, all located in Salt Lake City, for more than $120 million. The four properties together comprise 1,511 units. This exceeds last October’s record-breaking sale in Utah of 1,215 units. “Multiple offers to acquire the portfolio were made from various buyer types,” says Jed Millburn, ARA’s Salt Lake City-based principal who brokered the transaction. “The exuberant market response surrounding the portfolio is a demonstration of the fact that Salt Lake City has appeared on the radar for many investors as one of the strongest performing markets in the country, both from an economic and multifamily perspective. It has been one of the strongest growth markets in the nation, and continues to have a strong national ranking in job growth, population growth, rent growth, personal income growth and unemployment rates.” Foothill Place Apartments, located at 2260 Foothill Dr., was built in 1975 and features 450 units. The property is close to the University of Utah and University Hospital. Park Capitol Apartments, built in 1971, consists of 135 apartment units and is located at 215 N. Main St. The 486-unit Somerset Village was built in 1986 and is located at 3810 S. Redwood Rd. The property sits in an in-fill location in the Salt Lake Valley close to the Valley Fair Mall renovation project. Built in 1987 and located at 6885 S. Redwood Rd., Southwillow features 440 apartments.