Real estate investment group Greystar announced the acquisition of The Ivy at Draper, a 277-unit active adult community in Draper, Utah. The community was previously purchased in 2018 for $51.4 million, or $186,000 per unit, by the current seller Kennedy Wilson. Built in 2015, the five-story property sits on four acres just south of Salt Lake City. Floorplans will start at $1,300 a month, and units feature mountain views, easy access to nearby golf courses, restaurants and entertainment.
Danny Shin and Brock Zylstra of Marcus and Millichap helped to broker this transaction. The team worked to source CBRE which arranged a $44.6 million Fannie Mae loan for the acquisition. This transaction is Greystar’s second active adult acquisition in the past year. According to our Levin Pro database, the real estate group acquired The Vistas of Port Jefferson, a 244-unit active adult community in Port Jefferson Station, New York.
