SOUTH JORDAN, Utah — Larry H. Miller Real Estate has acquired the Daybreak community in South Jordan after reaching a deal with the previous owner, Värde Partners.
LHMRE's purchase includes more than 1,300 acres of undeveloped land, ownership interest in part of the community's existing commercial assets and future commercial development, and remaining undeveloped residential property.
The transaction doesn't include existing Daybreak homes 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.” said Larry H. Miller Group of Companies CEO Steve Starks in a news release. “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.”
The terms of the transaction were not disclosed.
Värde first acquired the property in 2016, and diversified the housing options and expanded on the commercial development of the master-planned community.
"Today, Daybreak consists of a vibrant mix of urban homes, workplaces, shops, cafés and restaurants, and outdoor recreation opportunities. 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 states.
Salt Lake County Mayor Jenny Wilson said the county looks 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."