SALT LAKE CITY – January 12, 2022 – The Salt Lake office of CBRE is pleased to announce the sale of River Park Commons, a newly completed, 40-unit townhome community in Murray, Utah. Eli Mills and Patrick Bodnar represented the seller, Brighton Homes, in the transaction. Ideal Capital Group purchased the property; this was the company’s first investment in the Utah market.
Completed in 2020, River Park Commons is comprised of two- and three-bedroom townhomes with full two-car garages. Centrally located at 4878 Murray Blvd. in Murray, the contemporary homes feature well-designed interiors with granite countertops in the kitchens and stainless-steel appliances. Additionally, tenants of the property enjoy immediate access to the popular 40-mile paved Jordan River Parkway trail, which is adjacent to the property. The property was 100-percent occupied at the time of sale.
“Premier multifamily properties continue to be in high demand, as investors seek to enter the Utah market and take advantage of the area’s outstanding economic fundamentals,” noted Patrick Bodnar, first vice president.
Eli Mills, senior vice president, further added, “In the past five years, we have seen more institutional and first-time capital enter the Utah investment market than at any point in the state’s history, and the momentum continues to build. Utah’s outstanding job growth, wage growth and low employment continue to attract and retain residents, prompting the continuation of new housing development and keeping investors engaged in the market.”
The seller and developer of the property, Brighton Homes, has a team with over 80 years of experience in construction and has built 4,500+ homes along the Wasatch Front. Brighton Homes is based in North Salt Lake, Utah. To learn more about Brighton Homes, visit www.BuildWithBrighton.com.
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 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.