Bridge Investment picks up 348 garden style units

Broadmoor Village. Image courtesy of Institutional Property Advisors

The 348-unit Broadmoor Village in West Jordan, Utah has changed hands. Bridge Investment Group has acquired the garden property from Wasatch Property Group.

Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction on behalf of the seller and brokered the buyer. According to data from Yardi Matrix, the asset, built in 1986, was last traded for $ 8.6 million in 1991.

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The parish sits on 16 acres at 3375 W. 7800 South and has 108 three story buildings of one, two, and three bedroom units averaging 867 square feet. Communal facilities include a basketball court, playground, walking paths, a heated swimming pool and courtyard, and 350 parking spaces at ground level.

Broadmoor Village is east of the Bangerter Highway, which connects to Interstates 15 and 215. A light rail and S-Bahn station are within easy reach of Broadmoor Village. A variety of dining and shopping opportunities are in the vicinity of the property, including those in Jordan Landing, a 500 acre master plan.

Education centers such as Broadview University and Hawthorne University are east of Broadmoor Village. Mountain View and River Oaks Golf Courses are some of the closest entertainment options.

High demand for living space

Silicon Slopes, Utah’s technology corridor that stretches from Ogden to Provo, continues to sustain economic growth in the Salt Lake City metropolitan area, according to a prepared statement from IPA Senior Director Danny Shin. Increased business activity in the region has resulted in increased demand for apartment buildings, with the sector showing the highest growth rate in the west of the country – 13.3 percent – IPA First Vice President Brock Zylstra said in a prepared statement.

The Bridge Investment Group has also been active in other western markets in the last few days. The company made an acquisition loan to Western Wealth Capital to acquire a 216-unit community in Las Vegas.

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