Salt Lake City, UT
CBRE Arranges Sale of 166-Units of Affordable and Market Rate Housing in Downtown Salt Lake City
26 Jan 2022
CBRE has arranged the sale of Citifront, a 166-unit affordable multifamily property in Salt Lake City, Utah. Members of CBRE’s Affordable Housing group collaborated with Eli Mills and Patrick Bodnar of CBRE Salt Lake City in representing the sellers—Bridge Founders Group and NeighborWorks Salt Lake—in the transaction.
“Salt Lake City is an ideal place for those looking to expand their affordable housing portfolios. This property has been well-maintained and offers a great mix of affordable units for residents,” said Mr. Taylor Froland, a member of CBRE’s Affordable Housing group.
Located in downtown Salt Lake City, Citifront was built in 2003 and has an occupancy of more than 99 percent. 104 units are kept affordable by a Low-Income Housing Tax Credit (LIHTC) regulatory agreement that limits renters to incomes below 60 percent of AMI. The property offers studio, 1-, 2-, and 3-bedroom units with community amenities that include a clubhouse, swimming pool and fitness center. Citifront is located adjacent to the North Temple Station, allowing residents easy access to many transit options.
Mr. Eli Mills, executive vice president, noted, “Citifront is another example of how strong economic fundamentals play into local market investment activity. Utah’s outstanding employment numbers, combined with its higher-than-average employment and wage growth, has continued to fuel investor interest.”
The sellers, Bridge Founders Group and NeighborWorks Salt Lake, worked together through Citifront to provide and maintain quality, affordable housing in downtown Salt Lake City. Bridge Founders Group is a real estate investment manager which operates a nationwide platform focused on select U.S. real estate verticals, including multifamily, affordable housing, office and development. NeighborWorks Salt Lake works in partnership with residents, government, and businesses to build and sustain neighborhoods of choice. The Company strives to build on the strengths of communities, creating opportunities through housing, resident leadership, and youth and economic development.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.