image via riverparkmurray.com
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IDEAL Capital Group, based in Clovis, announced the acquisition of River Park Commons Townhomes in Murray, Utah.
IDEAL made the deal for the River Park Commons on behalf of a private client by way of a 1031 exchange. Terms of the transaction were not disclosed.
The Riverpark Commons were built in 2021 and marketed as the only for-rent townhome community in the area.
IDEAL plans to own and operate River Park Commons on behalf of its investors for the long-term, optimizing steady, passive cash flow during the hold period, according to a news release.
CBRE’s Eli Mills and Patrick Bodnar represented both the seller and IDEAL.
“Our investors wanted to diversify out of California, and we were able to do so with a brand new,cash flowing multifamily asset in one of the strongest markets nationwide,” says Kevin Conway, managing director of IDEAL Capital Group.
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