Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale and financing of Alvera at the Meadows, 142-unit multifamily asset in American Fork, Utah.
“American Fork continues to experience strong population and job growth, driven by expanding tech and healthcare sectors in the Silicon Slopes corridor,” said Brock Zylstra, IPA senior managing director investments. “Alvera at the Meadows is well-positioned to benefit from both long-term appreciation and consistent rental demand,” said Danny Shin, IPA senior managing director investments. Zylstra and Shin represented the seller, a joint venture between Woodbury Corp., Garbett Homes, and Cirrus Group, and procured the buyer, Gelt Venture Partners. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, and Jake Vitta of IPA Capital Markets arranged acquisition financing.
“We were able to leverage Gelt’s well-established reputation in the capital markets to attract a full array of debt options to facilitate the acquisition,” said Zarouk. “Banks created the most attractive terms by providing both a low fixed-rate, interest-only payment, while offering open prepayment after the two-year initial term.”
Alvera at the Meadows is located near Interstate 15, State Route 145, and the American Fork commuter rail station. Shopping and dining are within walking distance at Alpine Valley Center, and Brigham Young University and Utah Valley University are a short drive away. Major employers in American Fork include Domo Inc., Altabank, Morinda Inc., and Authorize.net.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
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.
