Berkadia Completes Sale of Two Multifamily Properties in Utah

October 30, 2019

Berkadia Completes Sale of Two Multifamily Properties in Utah

October 30, 2019
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SALT LAKE CITY – October 30, 2019 – Berkadia today announced the sale of The Gate at Canyon Ridge and Nexus on 9th, two garden-style multifamily properties in Utah. The Nexus on 9th sale, specifically, represented the highest price-per-unit for any apartment complex in Utah. Managing Director Greg Barratt of Berkadia’s Salt Lake City office completed both sales.

“The Gate at Canyon Ridge presented a strong value-add opportunity for the buyer who was purchasing their first Utah apartment asset,” said Barratt. “Nexus on 9th was equally notable—we closed this record-setting sale with the highest price-per-unit ever sold for any apartment complex in the state of Utah. Both of these transactions are testaments to the sustained in-migration and job growth that are driving apartment demand and value throughout Utah.”

Located at 1455 Valley Drive in Odgen, Utah, The Gate at Canyon Ridge features one- and two-bedroom floor plans with walk-in closets, vinyl flooring, air conditioning and ceiling fans. Residents have access to a fitness center, a pool, a basketball court and a tennis court. The 167-unit property affords convenient access to Odgen Botanical Gardens, Big Dee Sports Park, Albertson’s Center and Lion’s Club Park. The deal closed on August 30.

Located at 932 S 900 E in Salt Lake City, Nexus on 9th features studio, one- and two-bedroom floor plans with wood flooring, large walk-in closets and open-concept living areas. Residents have access to a fitness center, garage parking and bike storage. The 28-unit property affords convenient access to Liberty Park, Miller Bird Refuge and Nature Park, Chase Home Museum and Gilgal Sculpture Park. The deal closed on October 29.