CBRE Brokers the Sale of Hardware Apartments, Largest Total Dollar Multifamily Sale in Utah’s History
13 May 2020
The Salt Lake City office of CBRE has announced the sale of Hardware Apartments, a newly built multifamily community comprised of 453 luxury apartment homes in downtown Salt Lake. The property was developed by SALT Development and KBS Real Estate Investment Trust III. Oakmont Properties of Sacramento, Calif., purchased the property, making this its second acquisition in the market. This transaction represents the largest total dollar, multifamily asset sale in the state’s history, eclipsing the 2019 sale of 4th West Apartments, another SALT Development apartment community brokered by CBRE. Eli Mills and Patrick Bodnar of CBRE represented both the buyer and seller in the transaction.
Located at 455 West 200 North in downtown Salt Lake City, Hardware Apartments is the most luxurious and distinctive apartment community in the area, rivaling some of the best properties in the nation’s top markets. The site is close to major employment, retail and entertainment centers in the downtown vicinity, and is adjacent to both light and commuter rail, providing a true urban lifestyle.
Hardware Apartments is uniquely luxurious and presented in three modern and distinctive styles. Phase I, comprising 267 units and known as Hardware West, offers one- and two-bedroom flats, lofts and townhomes; the remaining 186 units of phase II, Hardware East, include premier penthouse suites and a few brownstone-style “row housing” units with private street-level access and a shared courtyard. All apartment homes are styled with quality craftsmanship and designer finishes, including gourmet kitchens and luxurious bathrooms. The property provides some of the most lavish amenities offered by today’s apartment communities. Some of the unique on-site amenities include a rooftop infinity-edge pool with 360-degree views, a state-of-the-art fitness center and yoga room, a meditation garden, a climbing wall, a resident library, a game room, and a board/conference room.
“SALT Development and KBS raised the bar for quality and distinction with the delivery of Hardware Apartments,” said Bodnar, vice president, CBRE. “It is a superior institutional-grade asset that validates the strength of the Salt Lake apartment market and just how much it has matured over the last few years, competing heavily with other western markets.”
SALT Development partnered with KBS on the development of the project.
“Hardware Village’s ideal location, combined with KBS’ deep knowledge of the Salt Lake City market and unparalleled track record of successful downtown properties throughout the country, encouraged us to partner with them on this project,” says Thomas Vegh, president and CEO of SALT. “KBS supported our efforts to leave no stone unturned in ensuring that Hardware Apartments would be a multifamily community of the finest quality in downtown Salt Lake City, which made the partnership a win-win for both companies.”
The property was nearly 45 percent leased at the time of sale.
“Current market circumstances presented unique challenges for completing complex transactions, especially for a pre-stabilized asset such as this. The diligence and cooperation of all parties resulted in a successful execution.” Remarked Mills, senior vice president, CBRE. “The demand for quality, downtown living remains strong and we are confident in the property’s long-term success.”
The buyer, Oakmont Properties, has made a significant commitment to the apartment market in the Beehive State, recognizing the impressive economic growth driven from strong market fundamentals.
“Salt Lake quickly captured our attention with its high job growth and quality lifestyle,” noted Ryan Ashley of Sacramento-based Oakmont Properties. “Hardware Apartments is prominently positioned in Salt Lake’s robust downtown and provides a living experience like no other in the area.”
Learn more about the property here: https://hardwareapartments.com/
Click here for property photos: https://cbre.box.com/s/3ttu9ikunzuu03m4f1r8ocggflrx82v9
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.