January 10, 2021

PEG Companies, Colmena Group Close on Sale of Milagro Apartments

The seven-story mid-rise increasingly appeals to the influx of young professionals currently relocating to Salt Lake City in large numbers.

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.”



About PEG Companies:
PEG Companies [“PEG”] was founded in 2003 and is now one of the fastest-growing commercial real estate investment, development, and asset/property management firms in the West. With $1.5 billion AUM, PEG’s mission is to create opportunities through grit, ingenuity, and expertise—providing the premiere real estate investment experience. PEG owns and manages more than 5,200 hospitality keys across the U.S. and Canada with over 2,800 multifamily housing units, an additional 1,400 units under development, plus office, retail, and industrial space across the West. The firm sponsors multiple investment products on behalf of its investors and has produced net annualized returns of over 25% for the strategies it pursues. For more information about PEG, visit
About Colmena Group:
Colmena Group [“Colmena”] is a real estate development and investment company headquartered in Salt Lake City, Utah. Founded in 2008, Colmena Group’s mission is to build a legacy of quality, long-lasting communities. We accomplish this daily by investing in various real estate asset classes throughout the intermountain west. Our portfolio includes multifamily, assisted living, commercial office, student housing, research parks, retail, hotel, industrial warehouses, and mixed-use properties. Since its inception, Colmena has developed, co-developed and invested in real estate projects that built a current portfolio value of more than $1.6 Billion (exceeding five million square feet and 11,000 apartment units). Colmena's success is rooted in our ability to understand market need, source capital and work successfully with local and national partners.
About Graycliff Capital:
Headquartered in Greenville, S.C., Graycliff Capital Partners is a multi-family development and investment company with focus on the Southeast and Mid-Atlantic regions of the United States. Since its founding in 2010, Graycliff has acquired and developed more than 10,000 apartment units, executing approximately $1.62 billion in transactions. Graycliff’s core strategy is based on investing in areas with established economic growth and high barriers to entry. Graycliff is passionate about supporting local non-profits making positive impacts in their respective communities. For more information, visit
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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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
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