Salt Lake City, Utah
CBRE Arranges Sale of 252-Unit Harvest Apartment Community in Downtown Salt Lake City
June 1, 2022
Eli Mills and Patrick Bodnar of CBRE represented the sellers, Watt Investment Partners and Walton Street Capital, in the transaction. The buyer was a joint venture between Cadre, a New York-based technology enabled real estate investment platform, and Ethos Real Estate.
Harvest is located at 580 North and 300 West offering downtown skyline, mountain, and valley views. The five-story, podium building features 252 residences, ranging from studio to two-bedroom units averaging 785 square feet. Recently completed, the property features kitchen islands, stainless steel appliances, quartz and black granite countertops, modern fixtures, and balconies. Amenities include a heated swimming pool, fitness center, top-level view lounge with outdoor space, multiple community gathering areas, bike storage and 12 fire pits throughout the common areas.
The property is minutes from downtown Salt Lake City at the 600 North and 300 West. I-15, the Salt Lake International Airport and TRAX high-speed rail access are all in proximity. Additionally, it is adjacent to The City Library and a new half-acre city park.
“The Sellers developed an incredible multifamily asset raising the standards for what is expected for Salt Lake City apartment living,” said Eli Mills, Senior Vice President at CBRE in Salt Lake City. “The exterior and interior design is beautiful and functional for the many professionals that will call Harvest their home.”
“The Salt Lake area continues to receive great interest from investors looking for stable markets to invest in,” remarked Patrick Bodnar, Senior Vice President at CBRE in Salt Lake City. “Utah remains at the top of the list for population and employment growth. Its diverse economy is attracting the attention of many significant institutional investors like Walton Street.”
“We are thrilled to be expanding our presence in Salt Lake with the acquisition of the Harvest at Marmalade,” said Adam Siegman, Managing Partner of ETHOS Real Estate. “We believe the Salt Lake City market is poised for sustained growth given the robust job market, in migration and existing infrastructure.”
About CBRE Group, Inc.
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 2022 revenue). The company has approximately 115,000 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.