IPA Brokers Greater Salt Lake City Sale
- Oct 13, 2020
Marcus & Millichap’s Institutional Property Advisors has brokered the sale of Ascent in Cottonwood, a 160-unit community in Cottonwood Heights, Utah. Danny Shin, together with Brock Zylstra, Steve Gebing and Cliff David, negotiated on behalf of the seller, Buchanan Street Partners. Warmington Properties purchased the Class B asset, financing the acquisition with a $26.3 million Freddie Mac loan from Walker & Dunlop, public records show. According to Yardi Matrix data, the property last changed hands in 2018 for $31.8 million.
Completed in 1996, Ascent in Cottonwood occupies more than 8 acres at 1151 E. 6720 S. The community consists of seven two- and three-story buildings with one- to three-bedroom floorplans ranging from 785 to 1,275 square feet. Amenities include a swimming pool, fitness center, pergola with outdoor TV, bocce ball court and dog park.
The property is roughly 13 miles south of downtown Salt Lake City, just south of Interstate 215. Two large dining and retail areas, including The Shops at Fort Union and Park Center Shopping Center, are less than 1 mile south.
In July, an IPA brokerage team which included Shin and Zylstra assisted Elan Multifamily Investments in the purchase of a 95-unit community in Salt Lake City. The buyer took out a $11.7 million Fannie Mae loan from PNC Bank to finance the transaction.