September 13, 2016 — Salt Lake City, UT
Mark Jensen and Greg Ratliff, who head up the Apartment Realty Advisors office in Utah, are pleased to announce the successful negotiation and sale of a $25,000,000, 17-property, 381-unit multihousing portfolio. The portfolio consisted of market rate and affordable units spanning from Salt Lake City to Weber County and is one of the largest multihousing portfolios to have sold in the previous 20 years.
Over the previous 12 years, Mark and Greg were instrumental in the partners’ wealth creation by bringing them individual multihousing investment opportunities, commencing in 2003 with a 12-unit community in Ogden and culminating in a 181-unit acquisition in Salt Lake City in 2014.
Prior to their marketing assignment, Mark and Greg worked closely with the portfolio partners to determine the most advantageous marketing strategy to best meet their goals for the successful disposition of the properties. It was determined the most optimal disposition scenario was the marketing and packaging of the entire portfolio as opposed to individual property transactions. They determined a portfolio marketing would appeal to the greatest amount of qualified investors seeking to acquire an immediate foothold in these submarkets with value-add opportunities.
The underwriting process of each of the 17 properties was rather challenging as they were located in two diverse submarkets, Salt Lake City Downtown and Central Ogden. In addition, each property had its own individual dynamic ranging from the physical nature and age to the varying market value indicators. Greg and Mark had underwritten each of the 17 properties and coordinated individual site inspections and appraisal tours. In addition, Mark and Greg compiled all necessary market data, worked hand in hand with vendors, facilitated employee interviews and interfaced with both buyer’s and seller’s staffs.
Mark and Greg strategically managed and negotiated all of the “moving parts” of this complicated, challenging transaction. They coordinated contract extensions and nine addenda, ultimately closing escrow approximately 11 months later in August 2016.
This extremely complicated transaction may not have concluded so successfully if it weren’t for Greg, Mark and their team of multihousing experts at the Apartment Realty Advisors office in Salt Lake City.
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Newmark Grubb ACRES was founded in Salt Lake City, Utah in 1998 as a full service commercial real estate brokerage. It has since grown to include property management, property maintenance and global corporate services. For nearly two decades Newmark Grubb ACRES has been an industry leader and has consistently been recognized as one of Utah’s top commercial real estate brokerages.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visitwww.bgcpartners.com.