Larry H. Miller Real Estate Acquires Daybreak from Värde PartnersApril 12, 2021
Värde Sells Premier Utah Master-Planned Community in Deal That Includes More Than 1,300 Undeveloped Acres
MINNEAPOLIS, MN and SANDY, UT – Värde Partners and Larry H. Miller Real Estate, a portfolio company of the Larry H. Miller Group of Companies, today announced that Larry H. Miller Real Estate has acquired Daybreak, a premier master-planned community in South Jordan, Utah, 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. 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.” Starks continued, “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, commented: “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 and has added value through thoughtful investment in key areas of the community. 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.
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 for years to come.
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.
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.”
South Jordan City Mayor Dawn Ramsey commented: “We couldn’t be more excited to partner with Larry H. Miller Real Estate and their leadership to ensure we continue to serve the citizens of South Jordan in meaningful ways. The City of South Jordan and its residents have a vested interest in the long-term outcomes and success of Daybreak. We are focused on smart growth, sustainable economic development, and a robust quality of life. 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.”
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.
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About Larry H. Miller Group of Companies
Headquartered in Sandy, Utah, the Larry H. Miller Group of Companies is a privately owned family business with operations located across the western United States. The LHM Group’s focus falls within the primary categories of automotive, sports, entertainment, finance, insurance, real estate and health care. For more information about the LHM Group, visit www.lhm.com.
About Larry H. Miller Real Estate
Established in 1986, Larry H. Miller Real Estate develops and manages a variety of real estate properties, including automotive dealerships, movie theatres, office space, mixed-use residential, townhomes, apartments and construction projects. Visit www.realestate.lhm.com for more information.
About Värde Partners
Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $80 billion since inception and manages $15 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde employs more than 300 professionals worldwide with offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com.