Dakota Pacific Real Estate Partners, a Salt Lake City commercial real estate investment, development and management firm, has acquired Parley’s Partners, also of Salt Lake City and a developer and manager of commercial real estate. The move expands Dakota Pacific’s total assets under management to more than $1 billion, the company said.
“Utah is one of the fastest-growing states in the U.S.,” said Lane Critchfield, Dakota Pacific CEO. “Accordingly, it is one of the most desirable places to do business and to live. Our investors are looking for ways to gain greater exposure to this market, so the merger made perfect sense. Parley’s Partners brings a solid set of properties and its proven development and legal team to our growing real estate platform.”
Parley’s Partners, under the direction of founder Hooper Knowlton III, developed the Birkhill on Main Apartments in Murray, and Artesian Springs Apartments in Millcreek. These projects, Critchfield said, were some of the first transit-oriented developments in the state.
The acquisition brings the Parley’s Partners employees under the Dakota Pacific umbrella to continue developing current projects, including the Midvale Station Townhomes and the AERO Luxury Townhomes in Layton.