Share:

Cushman & Wakefield Advises Sale of Parkwood Apartments in Salt Lake City Suburb

9/10/2020
SALT LAKE CITY, Ut, September 10, 2020 – Cushman & Wakefield announced today the firm has brokered the sale of the Parkwood Apartments community in Ogden (Salt Lake City), Utah.

Parkwood Apartments

The buyer was Chicago-based Orchard Apartments, LLC, which acquired the 20-unit complex from Crapse Building One, LLC. The property, which consists entirely of two-bedroom units, traded close to the list price of $3.3 million. Vicente Cantua, a multifamily specialist with Cushman & Wakefield in Utah represented the seller in the transaction.

“This was an attractive investment opportunity in an increasingly popular market that maintains healthy economic fundamentals,” said Vicente Cantua. “The seller also invested significant capital into completing interior and exterior improvements and other repairs prior to the sale, further adding to its appeal.”

Cantua continued, “We are seeing good activity in multifamily properties in the Ogden market this year—in March, I sold a 34-unit property on the west side, and now have a 10-unit historic property in downtown and a 12-unit property in south Ogden currently under contract to separate buyers. Notably, Ogden has some of the highest year-over-year rental increases in the area.”

A representative of Crapse Building One, LLC (seller) said, “Vicente did a fantastic job for us in selling Parkwood, despite a more challenging environment. We found his close communication and marketing approach extremely valuable through the entire process. Vicente produced a quick successful sale that really fulfilled our goals, even achieving a price 5% higher than our initial expectations.”

Parkwood Apartments is located at 120 Dan St and comprises all 20 (2)-bedroom units, 15 of which are 2-bed/2-bath and five 2-bed/1-bath units. The complex is situated near the intersection of Wall Ave and 200 S St and provides convenient access to Highway 89 and retail amenities. The location is approximately 40 minutes north of downtown Salt Lake City.

Cantua added, “Unique to the property is that it is also 100% Section 8 housing with a 20-year Housing Assistance Payments (HAP) contract that renewed in June 2020. Affordable housing remains in high demand in the area from tenants, with a constant waiting list.”

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.

Media Contact

Joshua Deale San Diego Communications Manager
Joshua Deale

Communications Manager • San Francisco

Mr. Deale leads strategic media relations and thought leadership efforts for the West Region markets, and oversees their online presence including managing article and social media efforts.