Graycliff Capital acquires Milagro, Class A residential community in Salt Lake City
January 5, 2021
Graycliff Capital Partners, LLC (Graycliff Capital), a leading developer/owner in the multi-family sector headquartered in downtown Greenville, has acquired Milagro, a Class A, mixed-use, mid-rise residential community in downtown Salt Lake City, Utah.
Milagro represents Graycliff’s first multi-family investment in Utah and the western region of the United States. With a backdrop of the Wasatch Mountains, the region attracts those looking for a thriving quality of life, world-class outdoor recreation, strong economic growth, and creative culture.
“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.”
The transaction was brokered by CBRE’s Eli Mills and Patrick Bodnar.
About Milagro
Built in 2018, the 183-unit Milagro is ideally located within walking distance to 80 restaurants and 5 light rail stops, and just a 10-minute drive from the Salt Lake City International Airport. Besides shopping and entertainment, Milagro is close to downtown’s major employers, including Goldman Sachs, Zions Bank, Fidelity and State of Utah, as well as the tech corridor – the Silicon Slopes.
Milagro luxury apartment homes feature studio, one- and two-bedroom floor plans – some with two baths – all with premium interior packages. Beyond its stunning 360-degree city and mountain views, Milagro offers one of the best amenity packages downtown complete with a rooftop pool atop the parking deck and two on-site restaurants. Other best-in-class amenities include a high-tech fitness center, outdoor kitchen with BBQs, movie theatre, bike repair, pet wash, urban style clubroom with pool table, and outdoor lounge with fire pit.
Milagro will be operated by Nxt Property Management, a local specialist with a multi-family management division that manages more than 4,000 units in the Salt Lake Valley.
Graycliff Capital in the Carolinas and Beyond
Graycliff has developed multiple luxury apartment communities across the Carolinas in recent years, including three popular Upstate South Carolina developments in Greenville County – Cotton Mill Apartments, Waterleaf at Neely Ferry and Waterleaf at Keys Crossings. Graycliff acquired Reserve at Asheville in Western North Carolina near Asheville in 2020. Graycliff’s recent and current coastal developments include Waterleaf at Murrells Inlet in South Carolina; Waterleaf at Battery Creek in Port Royal, South Carolina; and Waterleaf at Leland, near Wilmington, North Carolina. Graycliff properties in the Central Savannah River Area (CSRA) include Lullwater at Riverwood near Augusta, Ga., acquired in Fall 2020; and The Ironwood Apartments in North Augusta, S.C., acquired in 2019. Over the past decade, Graycliff’s geographic reach has extended beyond the Carolinas and Georgia to other parts of the Southeast, including Tennessee. Graycliff’s portfolio also includes multi-family communities in the Mid-Atlantic region, as well as Ohio, Pennsylvania, and most recently, Utah.
About Graycliff Capital Partners, LLC
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 www.graycliffcapital.com.
