Sandy—The Salt Lake City office of CBRE has announced the sale of The Park at City Center, a Class A, resort-style, multifamily community. Developed by Kaplan Development and located in Sandy, Utah, the community consists of 330 units. The buyer, Keller Investment Properties (Keller), is a private investor based in Centerville, Utah. This trade marks the largest total dollar sale price for a single multifamily asset this year. Patrick Bodnar and Eli Mills of CBRE orchestrated the transaction.
Completed in July of 2017, The Park at City Center is comprised of approximately 292,000 square feet. Located at 213 West Civic Center Drive, it is a resort-style, amenity-rich community featuring a Manhattan-inspired resort swimming pool, hot tubs, golf simulator, executive-style lounge, expansive fitness center, designer clubhouse and mixed media room. The luxury units feature one-, two- and three-bedroom apartment homes with high-end modern features, such as granite countertops, stainless steel appliances, glass-tile backsplashes, 11-foot ceilings, garden tubs, and walk-out showers in the master suites.
“This transaction provided an opportunity for Keller to make a long-term equity preservation play in a beautiful property,” stated Bodnar. “Sandy City is a thriving and growing suburban area, and its location is convenient to both downtown Salt Lake City and the Point of the Mountain. These reasons, along with many others, made this property an attractive choice for Keller.”
Kaplan Development, based in Houston, Texas, is very pleased with their first multifamily development in Utah and is looking to further develop in the market.