CBRE Arranges Sale of 151-Unit Downtown 360 Apartment Community in Salt Lake City

CBRE has arranged the sale of Downtown 360, a 98,662-square-foot, 151-unit apartment community located at 360 S. 400 W. in Salt Lake City, Utah.

Patrick Bodnar of CBRE represented the seller, a joint venture between San Diego-based RedHill Realty Investors and Cleveland-based Citymark Capital, in the transaction. The buyer is HSR Income and Value REIT2, a subsidiary of Los Angeles-based Hill Street Realty.

The five-story, urban mid-rise community features 151 residences ranging from studios to two-bedroom units, including several loft-style units, averaging 653 square feet. Built in 2017, the property is situated adjacent to Pioneer Park in downtown Salt Lake City’s periphery, proving a highly desired open space amenity in the area. Community amenities include a 24-hour fitness room, a picnic area with barbecue grills, a resident clubhouse, a dog park, a pet washing station, and storage units. The building was 98 percent leased at the time of the sale.

The property is situated in Salt Lake City’s urban core and is walkable to numerous employment, retail, and entertainment amenities including Main Street, The Gateway, Gallivan Center, Vivint Arena, Temple Square, Liberty Park and City Creek Center. It has a 93 Bike Score, offers three Trax stops within four blocks, and is within a short walk or Trax ride to over 200 restaurants and bars.

“The buyer, Hill Street Realty, was strategic with this first acquisition in the Salt Lake market, capturing an asset that is poised for a value-add renovation scope that will greatly enhance the rental rate profile of the property,” said CBRE’s Patrick Bodnar, Senior Vice President. “The Salt Lake investment market remains in high demand largely from healthy fundamentals and continued in-migration despite the unsettled debt markets.”