South Salt Lake City Property Trades for $67M
- Sep 12, 2017
By Razvan Cimpean
Marcus & Millichap, on behalf of a private owner, sold Lionsgate, a 400-unit community in Murray, Utah. A Seattle-based investor acquired the property for $67.3 million.
Located at 136 W. Fireclay Ave., within minutes of Interstate 15, the asset features one-, two- and three-bedroom apartments, ranging between 693 and 1,016 square feet. The 15-building property offers convenient access to multiple schools, including James E. Moss Elementary School, American International School of Utah and Hillcrest Junior High School. Community amenities include a fitness center, swimming pool, spa and more than 600 parking spaces.
Danny Shin, senior vice president of investments with Marcus & Millichap’s Salt Lake City’s office, represented the seller and procured the buyer. Earlier this year, Marcus & Millichap also arranged the sale of the 86-key SpringHill Suites hotel in downtown Salt Lake City.
“Out-of-state investors continue to target multifamily assets in Salt Lake City and some have refined their focus to include areas south of the city such as Murray, where vacancy is lower and rent growth is above average,” Shin said in a prepared statement.
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