Press Release brought to you by Newmark Grubb ACRES

70,000 Square Foot Multifamily Investment Sale

04/16/2015

Newmark Grubb ACRES is pleased to announce the sale of The Hills at Sandy Station, a 70,000 square foot luxury apartment complex nestled on Utah’s East bench at 234 Sego Lily Drive, Sandy, Utah.

Mark Jensen and Greg Ratliff of ARA (A Newmark Company) represented the seller, The Hills at Sandy Station, LLC, in this transaction.

This large investment sale was the culmination of a long development process that ultimately turned a condo foreclosure into one of Sandy’s most prestigious apartment communities. This complex process not only involved expansion through the purchase of two adjoining properties, but also collaboration with the city of Sandy to approve an additional 146 units to be added to the original 61.

Regarding the sale Mr. Jensen remarked, “One of the best parts of our job is being able to advise and assist visionaries like seller Mark Mabey to achieve their goals and objectives for the successful disposition of their property. There is still significant value to be created with the 146 units and we are very excited to see the project completion and continued success of this particular buyer in this market.” Mr. Jensen also highlighted the uniqueness of the deal, noting this was, “A special property, a special time, in a special market.” 

04/16/2015 - 22:00

Source

Newmark Grubb ACRES

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