Salt Lake City-Institutional Real Estate Advisors (IPA)a division of Marcus & Millichap (NYSE: MMI)announced the sale and financing of North Union, a new 223-unit multifamily apartment building in Midvale, Utah.
“Midvale, located in the middle of the urbanized Salt Lake metropolitan area, is 12 miles south of downtown Salt Lake City and approximately 15 miles from four of the region’s most luxurious mountain resorts,” said said Danny Shin, Senior Managing Director of IPA. “Midvale’s central location provides excellent mobility connections for residents, tourists and businesses. People, goods, data and services can easily move throughout Utah’s Silicon Slopes region from Midvale. Shin and Brock Zylstra, SVP Investments, represented the seller, Rockworth Companies, and recruited the buyer, Keller Investments. Anita Paryani-Rice of IPA Capital Markets arranged the financing. The financing was provided by a debt fund and structured at a loan-to-cost ratio of 73%. The non-recourse loan had a three-year term with extensions that provide the borrower flexibility on exit.
“Midvale City is over 100 years old, but has seen hundreds of millions of dollars in new investment over the past few years,” Zylstra added. “Many retailers take advantage of the strategic location that defines Midvale’s unparalleled access to the regional transportation system and its established shopping areas. Within the six square miles that make up Midvale, activity and development abounds every day. The city has a growing population of 33,000, 1,300 businesses and an estimated daytime population of 25,000 workers,” Zylstra concluded.
Built in 2022, North Union offers residents luxurious common areas with full kitchens, dining areas, workstations and a game room. High-end equipment
include an outdoor rooftop terrace with fire pits, barbecue grilling stations, and alfresco lounge seating. For active residents, the property has a fitness center with a yoga studio, pool and hot tub, and a bocce court. The community also features a pet spa and dog wash, secure parking and storage, a ski and bike repair center, and 7,455 square feet of retail space. retail on the ground floor.