Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Morton, a 137-unit multifamily asset in Salt Lake City, Utah.
“The Morton provides connectivity and convenience, and its modern, mid-rise construction and beautiful mountain views deliver an upscale living experience,” said Danny Shin, IPA senior managing director. Shin and Brock Zylstra, IPA senior vice president, represented the seller, Timberlane Partners, and procured the buyer, Nearon Enterprises. This was Timberlane’s third disposition in Utah within the last four months and they continue to expand their footprint in Utah with several multifamily developments in the pipeline. “The Morton’s residents are within reach of several lifestyle hotspots, including Downtown Salt Lake City, Sugar House, and the 9th District,” added Zylstra. “There is 28.3 million square feet of upscale retail and dining options in a five-mile radius.”
The property is one block from the Utah Transit Authority’s (UTA) Trax’s Library Station. The 42.5-mile UTA Trax light rail system gives commuters access to the region’s thriving Silicon Slopes high-tech and start-up community. Prominent nearby employers include Microsoft, Oracle, Adobe, Wayfair.com, and Zions Bancorp. City Creek Center and The Gateway, which together offer 3.3 million square feet of luxury retail and dining space are easily accessible from The Morton.
Built in 2019, the apartment building has access-controlled garage parking, a rooftop terrace with firepits and barbecue grills, a 24-hour fitness center and yoga studio, and a package locker system. Apartments have nine-foot or taller ceilings, smart home technology, walk-in closets, and private patios or balconies. The average unit size is 677 square feet.
