Vernal— CBRE has arranged the sale of a two-property, 296-unit multifamily unit in Vernal, Utah, located near the eastern border of the state.
Eli Mills and Patrick Bodnar of CBRE represented the seller, DLP Capital, in the transaction. The buyer was Seattle-based HB Management, LLC.
Ashley Creek Village is a seven-building property containing 168 apartment homes ranging from one- to three-bedroom units. Completed in two phases in 2013 and 2015, Ashley Creek Village features in-unit washers and dryers, laminated countertops, and in-unit balconies or patios. The amenities include a basketball court, clubhouse with a full kitchen, fitness center, and a playground. The building was 97 percent leased at the time of the sale.
Willow Park is located is a six-building property containing 128 residences ranging from one- to three-bedroom units and 245 parking spaces. Built-in 2013, Willow Park features nine-foot ceilings, laminate countertops, and select units that have balconies and private garages. Amenities include a barbecue area, clubhouse, walking and biking trails, and a playground. Willow Park is also located near a Utah State University extension campus.
These properties are located minutes from Vernal Regional Airport and are within driving distance to Salt Lake City, Park City, Rock Springs, and Denver. Additionally, numerous employment, retail, and entertainment amenities are in close proximity to the properties.
“These two assets make up the very best of apartment living in Vernal and represent the entirety of the market,” says Patrick Bodnar, SVP at CBRE in Salt Lake City. “HB management made a great decision with this purchase and will control the market now they own these two properties.
“DLP Capital followed through with their business plan, increasing occupancy and cash flow at the properties creating more value. They timed their exit well and are thrilled to sell,” says Eli Mills, SVP at CBRE in Salt Lake City.