Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Meridian Heights, a 96-unit apartment property in Sandy, Utah.
“The acquisition gives our buyer the opportunity to add value to a well-located multifamily asset in the Salt Lake City metro area, a region fueled by the fastest-growing job market west of Texas,” said Danny Shin, IPA senior managing director. Shin and Brock Zylstra, IPA senior vice president investments represented the seller, Tablerock Capital, and procured the buyer, Orion Real Estate Partners. “New job opportunities are contributing to population growth in a market where the increased cost of owning a single-family home supports demand for multifamily housing,” said Zylstra.
Meridian Heights is located less than one mile from Interstate 15, which connects residents to major economic centers throughout the state. Shopping and entertainment are nearby at Southtown Mall, Fashion Place Mall, Murray Golf Course, and America First Field. The historic Sandy light rail station, which provides service from Downtown Salt Lake City to Draper, is within walking distance.
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), 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.
