SOUTH JORDAN — More than 1,300 acres of undeveloped land in the Daybreak community has been sold to Larry H. Miller Real Estate for future commercial and residential development.
The group purchased the land from Varde Partners, a Minnesota-based investment firm. The sale includes existing commercial assets and remaining undeveloped residential property but does not include existing homes within the community and other assets. The cost of the acquisition was not released.
"We are excited to add the Daybreak community, one of the largest master-planned communities in the country, to our growing real estate portfolio," Larry H. Miller Group of Companies CEO Steve Starks said 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."
About 500 homesites in the community and 2,500 acres of undeveloped land were first sold to Varde Partners in 2016 by Rio Tinto Kennecott. Since the sale, home sales have increased from 450 annually to 1,000 per year in the area thanks to diversifying choices, according to the investment firm.
"While Daybreak is truly unique, it is a great example of Varde'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, home builders, financial partners, the city of South Jordan and residents all working together to create a vibrant community," said Brendan Bosman, managing director at Varde, in a statement.
According to real estate advisors RCLCO, Daybreak was ranked No. 5 on the group's top-selling master-planned communities report and No. 1 in Utah based on home sales.
The University of Utah Medical Center campus expanded in the area and a new Salt Lake County Library is slated to open later this year in Daybreak. Brad Holmes, president of Larry H. Miller Real Estate, said the company is determined to continue growth and expansion in the area.
"We are a builder of communities and are committed to the continued success of this nationally ranked and thriving master-planned development," Holmes said in a statement.
South Jordan city officials said they support the change in ownership, and Mayor Dawn Ramsey said she looks forward to the future expansion of the area.
"We are focused on smart growth, sustainable economic development, and a robust quality of life," Ramsey said in a statement. "With a significant portion of Daybreak undeveloped, we are thrilled to welcome the Larry H. Miller team to South Jordan and look forward to working with them to benefit current and future homeowners, employers and businesses."