SANDY, Utah (ABC4) – A Utah-based real estate company has aquired a master-planned community in South Jordan in a deal that includes more than 1,300 undeveloped acres.
Daybreak has been acquired by Larry H. Miller Real Estate, a portfolio company of the Larry H. Miller Group of Companies, from Värde Partners.
The purchase, according to a release, consists of more than 1,300 undeveloped acres, including ownership interest in a portion of existing commercial assets and future commercial development, as well as remaining, undeveloped residential property.
The transaction does not, however, include existing homes within Daybreak and certain other assets.
“We are excited to add the Daybreak community, one of the largest master-planned communities in the country, to our growing real estate portfolio.” Steve Starks, Chief Executive Officer for the Larry H. Miller Group of Companies, says. “We look forward to building on the already established success of this community with the remaining undeveloped commercial area and the thousands of residences to be built within this regional destination area.”
“While Daybreak is truly unique, it is a great example of Värde’s approach to investing in and growing master-planned communities throughout the U.S. Daybreak is an ecosystem consisting of a talented development team, planners, homebuilders, financial partners, the City of South Jordan and residents all working together to create a vibrant community. We’d like to express our deep appreciation to each of these groups for their many contributions to making Daybreak one of the top master-planned communities in the country. We are proud of where the community is today, and we are looking forward to following Daybreak’s continued success under the Larry H. Miller Group’s stewardship,” says Brendan Bosman, Managing Director at Värde.
In 2016, Värde Partners acquired Daybreak land holdings and added value through investment in key areas. That includes a mix of housing options – home sales have increased from about 450 to over 1,000 per year. A recent report ranked Daybreak as #5 in the nation and #1 in Utah in a list of top-selling master-planned communities report.
Other commercial ventures have also been pursued in Daybreak recently, including an expansion of the University of Utah Medical Center campus, the South Jordan VA Clinic, and a new Salt Lake County library, which is set to open this fall.
Additionally, Värde invested in the planning and initial construction of the Watercourse amenity, a series of interconnected channels and lakes that will become the focal point of Daybreak’s residential neighborhoods for years to come.
“Salt Lake County is proud of the progress and successes within the Daybreak community. We see a large portion of our growth taking place in this area and look forward to working with Larry H. Miller Real Estate and other stakeholders to develop plans that support job growth, open spaces and recreation, strong infrastructure, and community destinations,” says Salt Lake County Mayor Jenny Wilson.
Terms of the transaction were not disclosed.