Cushman & Wakefield | Commerce Completes Sale of Park Lane Village Apartments in Farmington, Utah
SALT LAKE CITY—October 1, 2014—Cushman & Wakefield |Commerce (www.comre.com) today announced The Park Lane Village Apartments have sold. The 324-unit property, situated on 13 acres, is located at 500 North Broadway in Farmington, Utah.
Located adjacent to the new Station Park Shopping Center, the complex has an abundance of amenities and features including attractive architectural design, attached garages, granite counter tops, specialty lighting, open-exterior hallways, a spectacular clubhouse and workout facilities, a swimming pool and hot tub, water play zones and an outdoor fire pit with seating. One of the city’s newest communities, Park Lane is also adjacent to the Legacy Trail, which is popular among walkers, runners and bikers.
Both the buyer, Covey Park Lane, LLC and the seller, Park Lane Village Partners, LLC were represented by Kip Paul, Executive Director of Investment Sales for Cushman & Wakefield | Commerce. The property’s above-typical grade construction and finishes were completed by ICO, a division of Utah’s largest home builder, Ivory Homes.
“High-end apartment complexes such as Park Lane Village are in high demand from buyers and investors from not only in Utah, but also from around the country,” Paul said. “Interest in this property was extremely strong. We executed 103 confidentially agreements with parties from Florida to Alaska. Interestingly, more than 50 percent were from California and only 19 percent were from Utah.”
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About Cushman & Wakefield | Commerce
Cushman & Wakefield | Commerce, headquartered in Salt Lake City, Utah, is an independently owned and operated member of the Cushman & Wakefield Alliance with offices throughout Utah, Nevada, Washington and Idaho. The firm partners with its sister company Cushman & Wakefield | NorthMarq to provide innovative commercial real estate solutions to occupier and investor clients, offering transaction services, capital markets services, occupier and investor services, and real estate advisory. Together the firms manage more than 52 million sq. ft. of retail, industrial, and office assets, have annual revenues of more than $100 million, and employ more than 750 professionals. Learn more at www.comre.com; www.cushwakenm.com. C&W | Commerce and C&W | NorthMarq are part of the Cushman & Wakefield platform, which is the world’s largest privately-held commercial real estate services firm with 250 offices in 60 countries globally. www.cushmanwakefield.com.
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 250 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.