Salt Lake City, UT
CBRE Completes Sale of 2.32-Acre Site in Murray, Utah, for a Planned Multifamily Development
December 5, 2022
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CBRE has completed the sale of a 2.32-acre site in Murray, Utah, to Indianapolis-based TWG Development for the planned development of an affordable housing multifamily community. The community is expected to include 40 units in Phase I and 30 units in Phase II.
CBRE’s Patrick Bodnar represented the seller, Mission Health Services, a Utah non-profit organization.
Located at 106 West Fireclay, the site is situated in the center of the Salt Lake City metro within the Transit Oriented Development District zone, which allows for multiple uses. The future development will provide tenants with easy access to the metro’s major entertainment, employment and retail centers. The site sits minutes west of Interstate 15 and is within walking distance of the Murray North Station, providing service from Downtown Salt Lake City to Draper. The line also provides connections to the regional transportation network which includes high speed train service spanning 90 miles, from Ogden to Provo.
“TWG has purchased an excellent site for a multifamily community,” said CBRE’s Bodnar. “The site will help fulfill a critical need for affordable housing in a market where housing costs have risen sharply due to high interest rates and increasing rental rates.”
Low multifamily vacancy in submarket has driven demand for residential developments in this transit district for the past few years, according to CBRE. Within a five-mile radius of the site, there is a population of 400,634 and workforce of 210,759.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Mission Health Services (MHS) is a community-based, non-profit organization. Without regard to a resident’s ability to pay, MHS provides round-the-clock skilled nursing care for Utah’s elderly and disabled. For more information visit, www.missionhealthservices.org
About TWG Development
Founded in 2007 and headquartered in Indianapolis, IN, TWG is a fully integrated real estate development company specializing in commercial, market rate, affordable and senior housing developments across the country. With a focus on development, financing, design, construction and management, TWG has transacted over $2.1 billion in development costs and over 11,500 units nationwide. Committed to building strong foundations with its team, equity partners and the communities it serves, TWG knows that Together, We Grow. Learn more at www.twgdev.com.