A 440-unit apartment community in Lehi just changed hands for $130 million, in what's being called the largest widely marketed multifamily transaction on record in Utah County. Mountain States Properties sold Seasons of Traverse, located at 4200 North Seasons View Drive, to Weidner Apartment Homes in a deal that drew nearly 30 offers from investors around the country.
The sale, reported by Connect CRE, underscores just how hot the Utah County apartment market has become. Cushman & Wakefield brokers Kip Paul, Kevin Donner, Michael King, JT Redd, James Hunsinger and Katie Goldberg represented seller Mountain States Properties in the transaction, according to the outlet's report.
Seasons of Traverse is a grouping of four-story buildings completed in 2014, built across a 27.5-acre site that includes 16 apartment buildings, per focus-es.com, which also notes the property features a clubhouse, pool and open-space amenities. Connect CRE lists 168 one-bedroom, 222 two-bedroom and 50 three-bedroom units.
Rents Running Below Neighboring Complexes
At the time of the deal, the property carried an occupancy rate of 94.8% with an in-place average monthly rent of $1,444 as of April 2026, according to the offering memorandum. That average sat well below the $1,676 per month reported at nearby competing communities, suggesting room to push rents going forward.
The same offering document projected year-one unrenovated net operating income of $6,226,782, climbing to $7,961,327 by year four if the property were renovated. It also noted an assumable loan with an outstanding balance of $54,225,000 as of April 2026, carrying a 2.72% annual interest-only rate and a maturity date of September 10, 2031.
Why Investors Are Circling Lehi
The flood of interest in Seasons of Traverse reflects a broader story playing out across Lehi, which the Connect CRE report describes as one of the fastest-growing markets in the state. The city's population has swelled from just over 61,000 to 93,285, making it Utah's sixth-largest city, according to Utah Construction & Design, which also reports that multifamily projects now make up 60% to 70% of all development in the city.
Lehi was also among the Utah cities that pulled in the most housing permits over the three decades through September 2024, with Utah County as a whole accounting for 23.74% of all new non-apartment housing permits issued statewide during that period, per an analysis from The Salt Lake Tribune. The offering memorandum tied to Seasons of Traverse also pointed to Lehi's employment base of 48,000 jobs, citing 20% job growth since 2020 and 13% more projected through 2030.
Regional Apartment Market Remains Resilient
Zooming out to the broader Salt Lake City region, multifamily fundamentals have been firming heading into 2026. The Provo and Orem/Lehi corridors posted annual rent gains of 2.2% and 1.8%, respectively, at the start of the year, even as the region's overall multifamily vacancy rate held at 7.3%, according to NorthMarq, which also forecast roughly 6,000 new unit deliveries across the Salt Lake City market in 2026.
Cushman & Wakefield's own research has described Utah County as one of the nation's strongest apartment markets, noting it remained resilient through economic headwinds and heavy new supply as of year-end 2023.
