CBRE Announces the Sale of 714 Multifamily Units
December 11, 2018
The Salt Lake office of CBRE has announced the sale of Fairstone at Riverview and Alpine Meadows, two value-add, garden-style apartment communities in the Salt Lake metro. Eli Mills and Patrick Bodnar of CBRE represented the seller, Acacia Capital, in the transaction.
Built in 1997, Fairstone at Riverview, located in Taylorsville, is comprised of 492 units. Situated on over 28 acres, the amenity-filled property is highly desired by tenants for its open, lush grounds and outstanding location just off I-15 in the center of the Salt Lake valley. Alpine Meadows, built in 1996 and located in Sandy, is comprised of 222 units. This two-story property is located off 700 East near the main “Silicon Slopes” employment corridor and offers easy access to I-15 and a variety of amenities.
“We had record-setting interest from both domestic and foreign investors who were competing to be the winning bidder for these properties,” noted Mills. “More than at any other time in our history, Salt Lake City is on the map in the minds of institutional and foreign capital buyers.”
Bodnar added “With significant capital improvements recently completed, these properties are well positioned to renovate units increasing the assets’ value. It’s just what the investment market is hungry for.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.