Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of a two-property, 282-unit multifamily portfolio in Clearfield, Utah. The properties are Oakstone Apartments, a 210-unit property built in 1998 and Country Oaks, a 72-unit asset built in 2000.
“The multifamily market in Clearfield is supported by the city’s strong demographics and the booming Salt Lake City area 30 miles to the south,” said Danny Shin, IPA senior managing director investments. “The properties are value-add assets located in proximity to two thriving regions, Davis County and Salt Lake County,” added Brock Zylstra, IPA senior vice president investments. “Clearfield’s well-educated population has a median annual household income of more than $100,500 and the median price of a single-family home is greater than $440,800.” Shin and Zylstra represented the seller, Salt Lake City-based Cowboy Partners, and procured the buyer, Boise-based Roundhouse.
Hill Air Force Base is major employer in Clearfield and the area hosts several mostly technology-oriented manufacturers such as Thiokol, Iomega, and Levelor. Clearfield is also a freight transportation hub with warehousing and distribution facilities and is home to a large IRS processing center.
Oakstone Apartments provides residents with attached garages, private patios, a heated swimming pool and spa, and a spacious clubhouse. Oakstone’s units have full-size washers and dryers and central air conditioning. The average unit size is 1,135 square feet. Country Oaks’ community amenities include a clubhouse, basketball court, children’s play area, and a gated in-ground swimming pool. The unit mix is all one- and two-bedroom homes with air conditioning, washers and dryers, and balconies.