PEG Companies, Colmena Group Close on Sale of Milagro Apartments

SALT LAKE CITY, Utah – After reviewing multiple offers from several interested parties, joint-venture partners PEG Companies [PEG] and Colmena Group [Colmena] sold Milagro Apartments, a 183-unit luxury apartment community located at 241 West 200 South, to Graycliff Capital. CBRE represented the sellers in the transaction.

With a plan to maximize on the central location of the 2018 multifamily development, PEG and Colmena strategically designed Milagro Apartments to appeal to the influx of young professionals that Salt Lake City continues to attract.

“The rapid lease-up and continued success of Milagro Apartments certainly demonstrates the strong demand for high-quality multifamily properties in this market, but it’s so much more than just supply and demand…” said PEG CEO Cameron Gunter. “In this highly competitive environment, you have to look beyond developing buildings and think about developing experiences for your target demographic,” he explained.

The seven-story mid-rise boasts a stylish urban design, 360-degree city and mountain views, easy access to light-rail transportation, street-front dining, and is within walking distance to many of Salt Lake City’s most desirable restaurants, entertainment, and retail. Residents at Milagro Apartments also enjoy industry-leading amenities including gourmet island kitchens, floor-to-ceiling windows, high-tech smart home features, a luxury fitness center with on-demand exercise classes, an upscale yoga studio, a tiered seated movie theatre with oversized recliners, a resort-inspired pool and spa, outdoor kitchens and entertainment gazebos with flat-screen TVs, a pet park, a pet washing station, business and conference centers optimized for comfortable, safe remote work, and more.

Most recently, two trendy restaurants–Nacho Daddy and Carson Kitchen–selected the Milagro Apartments street-front for their first locations in The State of Utah.  Both restaurants quickly gained support and popularity with the local community.

“As joint-venture partners who take great pride in making meaningful investments to communities that we care about, we consider it an honor to have been able to elevate Salt Lake City’s multifamily scene through bringing Milagro Apartments to the market,” said Brian Shelley, Chief Financial Officer at Colmena Group. “We feel confident that the property remains in very capable hands with Graycliff Capital and look forward to seeing Milagro, Nacho Daddy, and Carson Kitchen continue to thrive as a hot spot in Downtown Salt Lake City.”

“Adding Milagro to the Graycliff family of communities is an exciting milestone for our firm, business partners, and investors. Until now, our geographic reach has been primarily in the Carolinas and the Southeast, although we have expanded our portfolio in recent years to include multi-family communities in the Mid-Atlantic region and parts of the East and Midwest,” said Paul Aiesi, partner at Graycliff Capital. “We look forward to becoming part of the Salt Lake City central business district.”

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