M&M Make Utah’s Largest Property Sale at $93M

The final sale price equates to more than $225,000 per unit.
Cobblegate Apartments

Cobblegate Apartments

Sandy, Utah—Marcus & Millichap announced the sale of Cobblegate Apartments for $93,887,000, making it the largest multifamily property sale in Utah. Located at 910 E. 9000 South in Sandy, the 416-unit, 448,675-square-foot community comprises one-, two- and three-bedroom floorplans. Daniel Shin, vice president of investments and Brock Zylstra, a senior associate, represented the seller, a local developer.

“Cobblegate is located in the very desirable Salt Lake County submarket of Sandy, which provides a robust and deepening tenant pool for the property,” Shin told Multi-Housing News. “Attractions close to Cobblegate include Dimple Dell Regional Park, the Jordan Commons Megaplex Theatres, Alta Ski Resort and South Towne Center, a 1.3 million-square-foot shopping mall.”

Completed in 2016, Cobblegate offers in-home features such as nine-foot ceilings, large picture windows and a fiber optic internet and satellite television package. Residents have access to amenities such as underground parking, a swimming pool, a fitness center, a clubhouse, detached garages and carports, a hot tub and a playground.

“Sandy is located approximately 15 miles south of Salt Lake City, offers a high quality of life near major employment hubs and boasts a higher-than-average median income, which appeals to both residents and investors,” added Shin. “More broadly speaking, the stability of the Utah multifamily market, which has been bolstered by strong population and employment growth, will continue to motivate national buyers to Utah properties.”

Image courtesy of Marcus & Millichap