Neil Walter with NAI Utah South represented Trimont Realty Advisors in the disposition of their 13-unit multifamily property located in Cedar City. There was a strong interest for the multifamily property with multiple buyers making offers. The property closed in June.The 13 unit property, which is just north of 200 North in Cedar City and less than a mile from Southern Utah University, is expected to maintain a low vacancy rate and is centrally located. The property consisted of four units with three bed, one bath units and the remaining were three bedroom, two bath units. The complex includes two onsite laundry facilities and ample parking for residents and guests.
In commenting on current market conditions, Neil said “Because of the lack of multifamily investment inventory for sale, there is a lot of competition for good opportunities. Well priced multifamily offerings in Southern Utah are attracting buyers from across the western states, particularly northern Utah and California. With very little new multifamily construction on the horizon, the investment market is expected to remain tight for the foreseeable future.”