St. George, Utah — Vintage Capital Partners, an investment affiliate of Redstone Residential, has sold Vintage Tabernacle, a 265-bed student housing community located near Dixie State University in St. George.
The property opened in 2018, and offers two-, four- and five-bedroom units with shared amenities including a swimming pool and fitness center. An undisclosed investor based in California acquired the community. Brock Zylstra and Danny Shin of Marcus & Millichap brokered the transaction. Redstone Residential will continue to manage the project for the new owner.
"We are proud of what we have built at Dixie, and look forward to our continued association with the property in a management role,” says Grant Collard, CEO at Redstone Residential. “We had contemplated holding the property for many years, but received an attractive, unsolicited offer at our year eight pro-forma price."