Deals comprise 204 apartment units throughout Idaho and Utah
Salt Lake City (June 14, 2017)—Coldwell Banker Commercial Advisors (CBC Advisors) today announced that its investment team successfully structured two off-market multifamily sales. New ownerships acquired both The Cove at Overlake in Tooele, Utah and The Pines in Rexburg, Idaho, totaling approximately 204 apartment units with the two transactions.
“It was a pleasure representing such respectable investment groups in these sales transactions,” said Rawely Nielsen, president of investment sales at CBC Advisors. “This change in ownership brings increased opportunity for the communities of Rexburg and Tooele.”
The Cove at Overlake, in Tooele, sold for an undisclosed amount. The Cove is a 132-unit, Class A apartment community built in 2014. The seller was a local partnership that built the property. The buyer was a private partnership, based in Northern California, who was in a 1031 exchange. Rawley and Darren Nielsen, investment sales advisor at CBC Advisors, represented the seller and buyer in the transaction.
The Pines, adjacent to Brigham Young University-Idaho in Rexburg, sold for an undisclosed amount. The Pines is a 72-unit student housing community, which houses 344 beds. The seller was Hemming Properties, a local Rexburg investment development group, who had owned the property for years. Hemming Properties maintained some ownership in The Pines after the sale. The buyer was Pines Investors, LLC, a student housing investment group based in Provo, UT. Patrick Lucero, senior vice president at CBC Advisors, represented the seller. Rawley Nielsen represented the buyer.