Early last month, December 2018, news was released about the sale of Alpine Meadows in Sandy. The apartment community has 222 units with one, two, and three-bedroom units and was purchased for $49 million. (click here for more information)
An owner with 23 properties, located from downtown Salt Lake City to approximately the Sugarhouse area, recently received offers as well. The portfolio included approximately 246 units plus some retail properties and a couple of houses.
Many more multi-unit properties in the Salt Lake Valley are being built and selling in a hot investment buying market. With so many opportunities to start your investment portfolio in Salt Lake City, how does it compare to the Provo Valley?
Early last year (2018) Provo/Orem, Utah was named by Forbes the No. 2 best city to invest in housing (behind #1 Orlando, FL). As good as the Salt Lake Valley looks, Provo Valley (also known as Happy Valley or Silicon Slopes) the home of Qualtrics, the software tech behemoth being sold to SAP for a paltry $8 billion may look better. (click here for more information)
Take a look at the following statistics for the sale of duplexes, the most basic multi-unit property, for Utah County. It appears that there was a slight respite in October and November for the days on the market and a consistent drop of approx 15% in the last quarter from September for the Gross CAP Rate.
All estimates are obtained from MLS information; some calculations where insufficient information was available are estimated from comparable market analyses. This is a short period of time and additional analyses of many items, such as location, the condition of the property, and the sellers' reason to sell, should be considered. Contact me for additional information to sell or buy property.
Photo obtained from http://www.paradesmart.com/blog/2014/06/04/utah-valley-parade-homes/, Courtesy of Parade Smart