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| 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.
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| 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.
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| 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.
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| 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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