Institutional Property Advisors, a division of Marcus & Millichap, announced the sale and financing of Crossroads Apartments, a 240-unit multifamily asset in West Valley City, Utah.
“The Salt Lake City metro area continues to grow its overall employment base at one of the fastest paces of all major U.S. metros and the area’s population growth far exceeds the national average,” said Brock Zylstra, IPA senior vice president investments. Zylstra and Danny Shin, IPA senior managing director, represented the seller, The Wasatch Group, and procured the buyer. “These conditions, coupled with the high price of a single-family home support the market for multifamily assets and create opportunities for investors to add value to properties like Crossroads Apartments,” said Shin. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Tyler Johnson arranged acquisition financing.
Built in 1986 on over 10 acres, the property is a short drive from Salt Lake City via nearby interstates 215 and 15. Commuter rail service is nearby at the Utah Transit Authority’s West Valley Central Station and the Valley Fair Mall regional shopping center is close by. Salt Lake Community College, Great Salt Lake State Park, and Salt Lake City International Airport are within proximity. Major employers in West Valley include Discover Financial Services Inc., Hexcel Corp., and Usana Health Sciences Inc.
Community amenities at Crossroads Apartments include a swimming pool, children’s playscape, basketball and tennis courts, picnic area, and clubhouse. The property’s unit mix is one- and two-bedroom apartments with walk-in closets, storage rooms, and a patio or balcony.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
