Weekly Real Estate News
Summary
Mountain States Properties reportedly sold 440-unit Seasons of Traverse Mountain in Lehi to Weidner Apartment Homes for $130 million. The price and buyer were reported by Connect CRE citing brokerage sources; deed recording was not checked.
A 440-apartment complex in Lehi, Utah, has sold for a reported $130 million, a large transaction in one of the state’s fastest-growing suburban markets. Mountain States Properties sold Seasons of Traverse Mountain to Weidner Apartment Homes, according to a transaction account published Friday by commercial property publication Connect CRE.
The reported consideration works out to approximately $295,455 per apartment. The property, at 4200 North Seasons View Drive, was completed in 2014 and comprises four-story residential buildings. The transaction report lists 168 one-bedroom apartments, 222 two-bedroom apartments and 50 three-bedroom apartments. Cushman & Wakefield’s offering memorandum instead lists 170 one-bedroom and 220 two-bedroom units, with the same 50 three-bedroom units. Both sources total 440 apartments; the two-bedroom/one-bedroom discrepancy has not been reconciled.
Layout
Transaction report
Offering memorandum
One bedroom
168
170
Two bedrooms
222
220
Three bedrooms
50
50
Total
440
440
Cushman & Wakefield represented the seller. Its marketing team included Kip Paul, Kevin Donner, Michael King, JT Redd, James Hunsinger and Katie Goldberg. Paul said the offering drew nearly 30 bids from institutional and private investors across the country. That is the broker’s account of the bidding process; the individual offers and their terms were not independently available.
The brokerage described the deal as the largest widely marketed multifamily sale on record in Utah County. The qualification matters. A claim about marketed sales does not necessarily include privately negotiated transactions or every transfer recorded by the county, and no comprehensive transaction database accompanied the announcement.
A marketing memorandum for the property independently identifies Seasons of Traverse Mountain as a 440-unit multifamily investment near the Traverse Mountain retail district. It describes the site’s proximity to shopping and the northern Utah County employment corridor. Marketing materials are produced to attract buyers, however, and their projections should not be confused with realized operating performance.
The sale adds a substantial institutional transaction to the record of Utah County’s apartment market. Lehi’s growth has drawn employers, retail development and new housing, but the existence of several bidders for one large property does not establish that values are rising across the entire market. Pricing for individual complexes depends on occupancy, rental income, renovation needs, debt terms and buyer assumptions about future rents.
The $130 million figure is the reported sale price, not the amount of a newly originated mortgage. Neither the buyer’s financing terms nor a capitalization rate was disclosed in the published transaction account. Without verified net operating income, the price alone cannot establish the property’s investment yield.
The offering memorandum advertised an existing $54.2 million loan balance as of April 2026, carrying a 2.72% interest-only rate and a September 2031 maturity, with the possibility of assumption or refinancing. Those were marketing terms, not evidence of the financing actually used at closing. Whether the buyer assumed that debt could materially change the economics of a $130 million purchase, particularly with current borrowing rates much higher than 2.72%. The final loan structure has not been confirmed.
Weidner’s purchase also does not by itself imply a change in rents or tenancy terms for current residents. Any operational changes would require separate confirmation. The seller and purchaser had not issued a publicly located detailed transaction announcement at the time of this report.
For lenders and investors tracking the Wasatch Front, the transaction is a useful indicator of demand for sizable, existing apartment communities. It is a single completed-property report, however, and should be weighed against broader leasing data, construction deliveries and financing conditions before drawing conclusions about the region’s multifamily outlook.
The published transaction report does not state a closing date or disclose an independently verified county recording reference. WRE News has therefore attributed the transaction details to the brokerage account rather than representing the filing status or precise completion date as independently confirmed.
Sources: Connect CRE’s October 23 report citing Cushman & Wakefield; Seasons of Traverse Mountain property offering memorandum.
