Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of The Falls at Canyon Rim, 288-unit apartment property in Ogden, Utah.
“Lower apartment rents than in other major U.S. markets are attracting many new residents to the Salt Lake City metro,” said Danny Shin, IPA senior managing director. “During the last 12 months, the local population of 20-to 34-year-olds grew 1.6%, which is the fastest pace of any major metro west of Texas.” Shin and Brock Zylstra, IPA senior vice president investments, represented the seller, Investor Capital Group, and procured the buyer, TruAmerica Multifamily. “We expect this trend to continue and of all the major U.S. apartment markets, Salt Lake City is projected to record the largest drop in vacancy this year,” said Shin.
Built in 2001 on over 14 acres, the 12-building property is less than one mile from U.S. Route 89 and close to Interstate 84. Public transportation, retail and dining are within walking distance and South Ogden Nature Park and the Waterfall Canyon Trail are close by. Nearby employers include Northrop Grumman, Hill Air Force Base, Ogden Regional Medical Center, Weber State University, and Ogden-Hinckley Airport.
The Falls at Canyon Rim’s one-, two- and three-bedroom apartments range from 937 to 1,420 square feet and have laundry rooms with full-size washers and dryers, plank flooring, and a private patio or balcony. Community amenities include two playground areas, a swimming pool, and a tennis court.
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.
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