Home / Development / $51.35 Million Age-Restricted Multifamily Asset Sale in Utah Closed by Marcus & Millichap

$51.35 Million Age-Restricted Multifamily Asset Sale in Utah Closed by Marcus & Millichap

DRAPER, Utah, Aug. 23, 2018 – Marcus & Millichap (NYSE: MMI) announced recently the sale of Rosegate Draper, a 277-unit age-restricted multifamily asset located in Draper, Utah. The property sold for $51.35 million, which represents $185,379 per unit.

“Age-restricted and seniors housing properties are much needed in Utah due to the limited number of these assets currently in the state,” said Danny Shin, senior vice president investments in Marcus & Millichap’s Salt Lake City office. “Rosegate Draper is considered one of the premier 55-plus communities available to seniors, and its ample amenities showcase the best of living in Salt Lake Valley.”

Marcus & Millichap’s Shin and Brock Zylstra, a vice president investments, represented the seller, a local developer and owner, and procured the buyer, Kennedy Wilson, a California-based global real estate investment company. Kennedy Wilson’s total portfolio currently includes six multifamily properties in Utah and over $16 billion in total assets.

“It is a great time for real estate investors to look at age-restricted and seniors housing assets as sustainable investment ventures, and Danny Shin and Brock Zylstra, a top-producing multifamily investment sales team in Utah, were an ideal choice to facilitate this transaction,” added Phil Brierley, regional manager of Marcus & Millichap’s Salt Lake City office.

Built in 2015, Rosegate Draper is located at 14075 S Bangerter Pkwy in Draper, about 20 miles south of Salt Lake City. The five-story community features all one- and two-bedroom units and offers space for full-service facilities including an off-street drop-off/pick-up area, onsite café and salon.