Plans Unveiled for Apartment Project at Utah’s Master Planned Community
- Apr 27, 2010
South Jordan, Utah–The Crossing at Daybreak within Kennecott Land’s Daybreak community is Western National Properties’ new apartment development for the project. Located in South Jordan, Utah, Daybreak is a 4,200-acre master planned community, which was named in 2009 as the sixth best selling community in the Country by Robert Charles Lesser & Co.
The multifamily project is being developed as a joint venture between Western National Properties and Kennecott Land and is Western National’s first project in Utah. This development represents the second investment by Western National Realty Fund II, L.P. (Fund II), the group’s second private equity fund, with approximately $230 million of equity commitments. Fund II is focused solely on multifamily acquisitions and development projects. Current investors include both institutional and individual high net-worth investors.
Crossing at Daybreak is a 315-unit luxury apartment community. The first units are anticipated to be available for move-ins in the summer of 2010. This is the first apartment project at Daybreak’s master planned community.
“We hope this development will be the first of many projects with Kennecott Land,” says Rex F. DeLong, president of Western National Properties.
Kennecott Land began construction of Daybreak in 2004. During this time, almost 2,300 homes have been sold, more than 745,000 square feet of commercial space is complete, and 2011 a light rail line will open near the community, connecting residents to downtown Salt Lake City.
Eventually, Daybreak will feature approximately 20,000 homes; a fully integrated mix of retail, office and industrial; as well as schools and recreational amenities.