SOUTH JORDAN, Utah, April 12, 2021 (Gephardt Daily) — Larry H. Miller Real Estate, a portfolio company of the Larry H. Miller Group of Companies, on Monday announced it has acquired land at Daybreak in South Jordan, from Värde Partners.
“The purchase 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,” said a news release. “The transaction does not include existing homes within the Daybreak community and certain other assets.”
Steve Starks, chief executive officer for the Larry H. Miller Group of Companies, said: “We are excited to add the Daybreak community, one of the largest master-planned communities in the country, to our growing real estate portfolio. 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.”
Brendan Bosman, Managing Director at Värde, said: “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.”
Värde Partners acquired Daybreak land holdings in 2016.
“By diversifying the mix of housing options available and making it more accessible to more homebuyers, home sales increased from approximately 450 to over 1,000 per year,” the news release said.
In addition to new housing components, foundational commercial uses were pursued, 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.
As part of the strategic growth of the community, 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, the news release said.
“The development is focused on long-term sustainability and managed growth that includes multi-modal transportation choices, a variety of housing choices, local employment opportunities, open space and biodiversity, water conservation, energy efficient infrastructure, education support and partnerships, and diversity and inclusivity,” the news release said.
RCLCO’s Top-Selling Master-Planned Communities Report released earlier this year, ranks Daybreak at #5 in the nation and #1 in Utah, based on total home sales.
Brad Holmes, president of Larry H. Miller Real Estate, said: “The Daybreak acquisition aligns perfectly with our real estate development and property management capabilities, and our team’s proven ability to collaborate with our partners to deliver innovative solutions in the communities where we live, work and recreate. This transaction creates an opportunity for Larry H. Miller Real Estate to not only expand our real estate footprint and holdings, but to also creatively and proactively address regional growth through mixed-use planning and development. We are a builder of communities and are committed to the continued success of this nationally ranked and thriving master-planned development.”
Salt Lake County Mayor Jenny Wilson said: “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.”
Terms of the transaction were not disclosed. Land Advisors Organization served as the broker for the acquisition.