Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Towne Gate Apartments, a four-story, 288-unit, Section 42 Low Income Housing Tax Credit (LIHTC) asset in Salt Lake City, Utah. The property sold for $34.7 million, which equates to more than $120,000 per unit.
“Well-located properties in Salt Lake City like Towne Gate are attracting a high degree of investor demand as out-of-state buyers continue to have interest in the Salt Lake City market,” says Daniel Shin, senior vice president investments in Marcus & Millichap’s Salt Lake City office. “The property’s age and location made it particularly attractive, along with the stability of Utah’s multifamily market and the area’s strong population and employment growth.”
Shin, and Brock Zylstra represented the seller, a local developer, and procured the buyer, an out-of-state investment group. Built in 2006, Towne Gate Apartments is located in the People’s Freeway neighborhood near the Ballpark light rail station, Liberty Park, Jordan Park and Salt Lake City International Airport.
In 2017, the Shin and Zylstra investment sales team closed the most multifamily property transactions in Utah, valued at more than $200 million. Shin has been with Marcus & Millichap since 2007 and is a director of the firm’s National Multi Housing Group (NMHG). Zylstra joined the firm in 2013 and is a member of the NMHG.
