The populous master-planned Daybreak community in South Jordan is under new ownership.
Larry H. Miller Real Estate bought more than 1,300 undeveloped acres in Daybreak, along with ownership interest in its existing and future commercial structures, from Minneapolis-based Värde Partners, the company announced Monday. The terms of the sale weren’t disclosed.
“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 managing director Brendan Bosman said in a prepared statement.
Värde acquired Daybreak’s land holdings in 2016. Since then, home sales in the community increased from 450 to more than 1,000 per year, the company says. Värde was responsible for the planning and initial construction of Daybreak’s “Watercourse,” the series of interconnected channels and lakes that it says are a focal point in the community.
Larry H. Miller Real Estate’s president made reference to continued development in the community, including plans to address increased demand for housing in Salt Lake County.
“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,” said Brad Holmes. “We are a builder of communities and are committed to the continued success of this nationally ranked and thriving master-planned development.”
South Jordan Mayor Dawn Ramsey said the city is focused on “smart growth, sustainable economic development, and a robust quality of life,” and Daybreak plays a big part in that.
“The City of South Jordan and its residents have a vested interest in the long-term outcomes and success of Daybreak,” Ramsey said. “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.”
County Mayor Jenny Wilson said she and her staff look forward to working with Daybreak’s new owners to “develop plans that support job growth, open spaces and recreation, strong infrastructure, and community destinations.”
