Dealmaker: M&M Closes Utah’s Largest Multifamily Transaction at $93.8M
Marcus & Millichap, Calabasas, Calif., sold Cobblegate Apartments in Sandy, Utah for $93.8 million–the largest Beehive State multifamily property sale to date.
Daniel Shin, Vice President of Investments in Marcus & Millichap’s Salt Lake City office, represented seller Miller Development Co., Murray, Utah.
Mesa West Capital, Los Angeles, provided buyer ColRich Multifamily, San Diego, with $69.1 million in five-year floating-rate non-recourse financing for the purchase.
“Economic growth, robust demographic trends and improving property fundamentals support strong demand for Salt Lake City multifamily properties,” Shin said. “Buyers are aggressively pursuing available assets, pushing up the average price per unit and forging into unprecedented territory. Cap rates, while compressed, are also highly attractive, especially to investors from the Golden State.”
Completed last year, the 449,000-square-foot, 416-unit apartment community traded for more than $225,000 per unit.Shin said nearby demand drivers include the 1.3-million-square-foot shopping mall South Towne Center and the Jordan Commons Megaplex Theatres.
In Miami, Marcus & Millichap sold Wynwood 310, a 20,000-square-foot building on a 26,475-square-foot lot in the city’s Wynwood neighborhood. East End Capital, New York, acquired the warehouse and two adjoining warehouse properties for $14.5 million.
The Real Deal South Florida reported that the acquisitions border East End Capital’s future Wynwood 25, a 400,000-square-foot mixed-use development.
Marcus & Millichap Vice President of Investments Jonathan Gerszberg represented both buyer and seller with FIP Realty Agent Andy Charry.
Gerszberg said the property is two blocks from Mana Wynwood, a 23.5-acre, nearly 10-million-square-foot redevelopment site that will feature multifamily housing, retail and office space, art galleries, museums and exhibition spaces and a conference center.
