SALT LAKE CITY—January 11, 2021—The Salt Lake City office of CBRE has announced the sale of Milagro Apartments, a 183-unit luxury apartment community located in the heart of downtown Salt Lake. Patrick Bodnar and Eli Mills represented the sellers—a joint-venture partnership of Colmena Group and PEG Companies—in the transaction. Graycliff Capital Partners purchased the asset.
Completed in 2018, Milagro is located in downtown’s Central Business District at 241 West 200 South and features two street-front restaurants. The stylish urban design delivers 360-degree city and mountain views and is within walking distance of a wide variety of dining, city sites, entertainment venues and light-rail transportation. Two of the trendiest and most desirable new restaurants in Salt Lake City, Nacho Daddy and Carson Kitchen, have taken up residence and provided a convenient gathering place for Milagro’s tenants.
“Colmena and PEG delivered an impressive property to the market with Milagro,” stated Mills, senior vice president. “Both firms continue to invest heavily in Salt Lake City with other quality projects currently under construction, contributing to the unique and dynamic lifestyle created by these developments.”
The seven-story mid-rise features open one- and two-bedroom floorplans boasting quartz countertops, gourmet kitchens with islands, and ceiling heights ranging between 9 and 12 feet. The property provides exceptional amenities which include high-tech smart home features, luxury fitness center with on-demand fitness classes, yoga studio, tiered seating movie theatre, pet park, pet washing station, resort-inspired pool deck, outdoor kitchen, firepits and interactive courtyard spaces for lawn games. Milagro is located in the active and vibrant city center convenient to the largest downtown employers, providing a highly sought-after urban lifestyle for the young and talented professionals living there.
“The sale of Milagro Apartments represents the great confidence investors have in downtown Salt Lake. The process was highly competitive with multiple groups bidding for the asset,” said Bodnar, first vice president. “While other major downtown markets have struggled with limited activity, investment interest in existing and newly developed multifamily product in downtown Salt Lake City has never been greater.”
This is the first Salt Lake market purchase for the buyer, Graycliff Capital Partners of South Carolina. Graycliff is a strategic real estate investment firm with nearly 10,575 units historically under management which is actively investing in high-growth markets in the west.
“Adding Milagro to the Graycliff family of communities is an exciting milestone for our firm, business partners, and investors. Until now, our geographic reach has been primarily in the Carolinas and the Southeast, although we have expanded our portfolio in recent years to include multifamily communities in the Mid-Atlantic region and parts of the East and Midwest,” said Paul Aiesi, partner at Graycliff Capital. “We look forward to becoming part of the Salt Lake City Central Business District.”
CBRE’s Salt Lake multifamily team of Eli Mills and Patrick Bodnar provides professional sales and marketing services for all apartment product in Utah. Their expertise and professional relationships have been an asset in bringing several new investor groups, like Graycliff Capital, to the local market. Click here for more information about Salt Lake’s multifamily market.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About PEG Companies
PEG Companies [“PEG”] was founded in 2003 and is now one of the fastest-growing commercial real estate investment, development, and asset/property management firms in the West. With $1.5 billion AUM, PEG’s mission is to create opportunities through grit, ingenuity, and expertise—providing the premiere real estate investment experience. PEG owns and manages more than 5,200 hospitality keys across the U.S. and Canada with over 2,800 multifamily housing units, an additional 1,400 units under development, plus office, retail, and industrial space across the West. The firm sponsors multiple investment products on behalf of its investors and has produced net annualized returns of over 25% for the strategies it pursues. For more information about PEG, visit www.pegcompanies.com.