SALT LAKE CITY—January 4, 2021—The Salt Lake office of CBRE has announced the sale of Icon 9700, a 264-unit luxury apartment community located in the heart of the Salt Lake Valley. Patrick Bodnar and Eli Mills represented the seller, Magna Investment and Development, in the transaction. Starwood Capital Group was the buyer.
Constructed in 2018, Icon 9700 is a Class A suburban-core apartment development situated on Salt Lake’s east bench in Sandy City. The project provides best-in-class amenities including a resort-inspired pool deck, robust fitness center, outdoor grilling stations, private garages and a unique multipurpose sport court for soccer, basketball and pickleball. The clubhouse boasts designer furnishings, contemporary color schemes and a gourmet kitchen. Icon 9700 is located in the highly desirable “Silicon Slopes” tech corridor and is only a 30-minute drive to the nearby ski resorts in Utah’s Wasatch Mountain Range. The property was 97% occupied at the time of sale.
“Magna Investments provided a superb addition to the market with the development of Icon 9700, raising the bar for quality and function,“ remarked Eli Mills, senior vice president. “Despite the many challenging circumstances of the COVID-19 pandemic, Salt Lake’s apartment market remains robust; there was an extremely competitive collection of investors who were interested in purchasing Icon 9700.”
The buyer, Starwood Capital Group, is a global real estate investor with over $60 billion under management and has acquired three large-scale investment assets in the Salt Lake market within the last two years. This marks their second multifamily purchase and they desire to further expand their footprint here. To learn more about Starwood Capital, visit starwoodcapital.com.
“The appetite for multifamily product in Salt Lake continues to grow,” said Bodnar, first vice president. “Institutional investors like Starwood are all-in on Utah’s bright future due to the consistent population and job growth coupled with its quality lifestyle.”
CBRE’s Salt Lake multifamily team of Eli Mills and Patrick Bodnar provide 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 Starwood, to the local market. Click here for more information about the Greater Salt Lake multifamily market.
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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.
