CBRE Announces the Sale of Ashley Creek Village and the Willow Park Apartments
16 Jan 2020
The Salt Lake City office of CBRE has announced the sale of Ashley Creek Village and the Willow Park Apartments, a two-property multifamily portfolio in Vernal, Utah. These best-in-class assets total 296 units and include one-, two- and three-bedroom floorplans. Patrick Bodnar and Eli Mills of CBRE represented the sellers, MidCap Financial and Ashley Creek Village II, LLC, in the transaction.
Completed in 2013 & 2015, the portfolio is comprised of 13 buildings with garden-style construction. These properties are very attractive to tenants, as they feature vast amenities, and together represent the majority of the apartment inventory in the Vernal market. The buildings were 95% occupied at the time of sale and provide a high-yield potential with a value-add component to the buyer, DLP Real Estate Capital.
“The timing was right for the sellers, and DLP Real Estate Capital was exceptional in their execution of the transaction,” commented Bodnar, Vice President. “Marketing these properties together provided an opportunity to combine these assets under one ownership umbrella which will greatly benefit the current residents. The new owner can now streamline operational oversight and execute a plan to enhance the properties.”
Ashley Creek Village, located at 210 East 500 South, includes 96 units and features amenities such as private garages, a clubhouse with 24-hour access to a fitness center, and an outdoor basketball court, playground and firepit. Willow Park, located at 110 North 2500 West, is comprised of 128 units and features expansive outdoor space with private garages, walking and biking trails, a playground area and a clubhouse.
Don Wenner, Founder and CEO of DLP Real Estate Capital said, ”We are very excited about the opportunity to acquire these beautiful communities in Vernal, our first investment in the great state of Utah. The low investment basis and strong demand for quality housing in this area provided DLP with an excellent opportunity to make a solid investment in a new market. We look forward to providing the local residents with great places to live and outstanding service.”
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 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend 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.