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Graycliff Capital Acquires Milagro, Class A Residential Community in Salt Lake City

Greenville, SC – Carolinas-based Graycliff Capital Partners, LLC (Graycliff Capital), a leading developer/owner in the multi-family sector, has acquired Milagro, a Class A, mixed-use, mid-rise residential community in downtown Salt Lake City, Utah. The transaction was brokered by CBRE’s Eli Mills and Patrick Bodnar.

Milagro represents Graycliff’s first multi-family investment in Utah and the western region of the United States. Set to the 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. The area has been recognized as a “Best Place to Live in the U.S.” by U.S. News & World Report.

Built in 2018, the luxury 183-unit building 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 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.

“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.”

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.

For more details about Milagro, visit https://www.milagroapartments.com/ or call the leasing office at (801)-375-1600

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