Northmarq closes sale and financing of 299-unit multifamily community in Midvale, UT

MIDVALE, Utah — Northmarq’s Los Angeles and Salt Lake City Investment Sales teams brokered the sale of Candlestick Lane Apartments, a 299-unit multifamily community located at 80 E. 7800 South in Midvale, Utah.

The team was led by Jeff Benson and included Steven Goldstein, Sam Neumark, Rawley Nielsen, Mark Jensen and Darren Nielsen.

Northmarq represented the seller, a Florida-based private investor. The buyer was Strata Equity Group, a Southern California-based privately held real estate investment company.

Northmarq’s San Diego-based Debt + Equity team led by Aaron Beck, Conor Freeman and Wyatt Campbell arranged a $41.697 million acquisition loan on behalf of the buyer. The financing was originated through Freddie Mac and was structured with full-term interest-only payments.

"The sale of Candlestick Lane showed there is a big demand for large-scaled value-add assets in Utah, specifically from Southern California-based buyers,” Benson said. “Between both the Los Angeles and Salt Lake City Northmarq offices, we were able to procure double digit offers largely from groups with a national presence. The winning buyer has a long-term outlook on the submarket and has an established local presence to understand the submarket and improve operations.”

Situated on more than 12 acres, Candlestick Lane features 11 three-story walk-up buildings with a mix of 72 studio, 125 one-bedroom and 102 two-bedroom units. Each apartment includes private outdoor space, washer/dryer hookups and fireplaces. Select units offer upgraded finishes such as stainless-steel appliances, wood-style plank flooring and walk-in closets.

Community amenities include a newly renovated clubhouse, swimming pool, fitness center, racquetball and pickleball courts, two basketball courts, a dog washing station and a playground.

Located just off Interstate 15, the property offers convenient access to downtown Salt Lake City, which is less than 15 minutes away, as well as nearby retail, dining and transit options.