Salt Lake City: $12.8 Million Multifamily Sale Arranged by Marcus & Millichap
SALT LAKE CITY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Broadway Place, a 73-unit senior living apartment property in Salt Lake City.
Daniel Shin, a senior associate in Marcus & Millichap’s Salt Lake City office, represented the buyer, a limited liability company.
“Well-located properties in Salt Lake City like Broadway Place are attracting a high degree of investor interest as out-of-state buyers, especially those from the West Coast, are expanding the buyer pool and chasing higher first-year yields than those found in coastal markets,” says Shin. “Demand for seniors housing units is also intensifying, thanks to a rapidly improving housing market.”
The property is located at 556 East 300 South in Salt Lake City’s central city historic district.
Built in 2012, the 78,330-square-foot Broadway Place is a pet-friendly community that provides residents with 24-hour emergency maintenance services, secure underground parking, a garden courtyard, a large social room and a discounted Internet and satellite TV package.