Tuesday, April 9, 2013

IPA Arranges 366-Unit Multifamily Sale in Holladay, UT

Sandpiper Apartment Homes, Holladay, UT

HOLLADAY, UT– Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Sandpiper Apartment Homes, a 366-unit multifamily community in Holladay, Utah.

Stan Jones
            Stan Jones, an executive vice president investments; Phil Saglimbeni, a vice president investments; and Sal Saglimbeni, a vice president investments, advised the seller, DiNapoli Capital Partners LLC. The buyer was Kennedy Wilson. 

Danny Shin, senior associate in Marcus & Millichap’s Salt Lake City office, also assisted in the marketing effort.

            “Apartment demand in the Salt Lake City metro continues to be strong, with a 110-basis point decrease in vacancy to 3.7 percent for the 2012 calendar year,” Jones says.

Phil Saglimbeni
 “Additionally, employers in the metro added 18,000 jobs, returning employment to pre-recession levels.  A healthy recovery is underway here, positioning Sandpiper for continued high occupancy and strong rent growth,” concludes Jones.

            “Situated in the city of Holladay, one of the metro’s most exclusive submarkets, this asset comprises all single-level or townhouse-style buildings, resulting in an unusually low density of 10.5 units per acre,” adds Phil Saglimbeni.

Sal Saglimbeni
“During the marketing effort, the property reached occupancy as high as 99 percent.  At the time of sale, there was a demonstrable 6 percent embedded loss-to-lease as well as a compelling value-add story through unit interior renovations. 

“Furthermore, net collections at the property were up approximately 10 percent year-over-year, through Q3, 2012,”concludes Saglimbeni.

Located at 1492 East Spring Lane with 424,358 square feet spread over 34.6 acres, the property is just east of the Van Winkle Expressway, State Route 152, in one of the MSA’s most desirable submarkets. It was constructed in five phases between 1969 and 2000, and consists of 366 units with floor plans averaging 1,159 square feet.

For a complete copy of the company’s news release, please contact:

Ben Johnson,
Marketing Director
(925) 953-1736

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