Market Overview

$51.35 Million Age-Restricted Multifamily Asset Sale in Utah Closed by Marcus & Millichap


Marcus & Millichap (NYSE:MMI) announces the sale of Rosegate Draper, a
277-unit age-restricted multifamily asset located in Draper, Utah. The
property sold for $51.35 million, which represents $185,379 per unit.

"Age-restricted and seniors housing properties are much needed in Utah
due to the limited number of these assets currently in the state," said
Danny Shin, senior vice president investments in Marcus & Millichap's
Salt Lake City office. "Rosegate Draper is considered one of the premier
55-plus communities available to seniors, and its ample amenities
showcase the best of living in Salt Lake Valley."

Marcus & Millichap's Shin and Brock Zylstra, a vice president
investments, represented the seller, a local developer and owner, and
procured the buyer, Kennedy Wilson, a California-based global real
estate investment company. Kennedy Wilson's total portfolio currently
includes six multifamily properties in Utah and over $16 billion in
total assets.

"It is a great time for real estate investors to look at age-restricted
and seniors housing assets as sustainable investment ventures, and Danny
Shin and Brock Zylstra, a top-producing multifamily investment sales
team in Utah, were an ideal choice to facilitate this transaction,"
added Phil Brierley, regional manager of Marcus & Millichap's Salt Lake
City office.

Built in 2015, Rosegate Draper is located at 14075 S Bangerter Pkwy in
Draper, about 20 miles south of Salt Lake City. The five-story community
features all one- and two-bedroom units and offers space for
full-service facilities including an off-street drop-off/pick-up area,
onsite café and salon.

About Marcus & Millichap (NYSE:MMI)

With over 1,800 investment sales and financing professionals located
throughout the United States and Canada, Marcus & Millichap is a leading
specialist in commercial real estate investment sales, financing,
research and advisory services. Founded in 1971, the firm closed nearly
9,000 transactions in 2017 with a value of approximately $42.2 billion.
Marcus & Millichap has perfected a powerful system for marketing
properties that combines investment specialization, local market
expertise, the industry's most comprehensive research, state-of-the-art
technology, and relationships with the largest pool of qualified
investors. To learn more, please visit:

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