Berkadia Closes Sale in Historic SLC Neighborhood
The buyer of the 111-unit community plans to renovate the asset, which was built in 1916 in Salt Lake City’s Avenues neighborhood.
By Ariela Moraru
Berkadia has arranged the sale of The Hillcrest, an 111-unit community in Salt Lake City’s historic Avenues neighborhood. Managing Director James Wadsworth and Director Greg Barratt represented the California seller.
“The buyer has a budget of approximately $75,000 per unit to renovate and modernize the systems and interiors, while still maintaining the turn-of-the-century charm,” said Barratt in prepared remarks.
Located at 155 E. 1st Ave., with easy access to Route 89 and interstates 15, 80 and 215, the 88,445-square-foot property was built in 1916. The asset features one and two bedrooms, which include an office/den, wood floors and vaulted ceilings. The community sits on 2.9 acres and is one block from City Creek Center in downtown, within walking distance from shopping, restaurants and entertainment venues. The Utah Transit Authority light rail system links to the University of Utah and the Salt Lake International Airport.
Berkadia has been active recently, closing the largest San Diego apartment transaction at $232 million in May.
Image courtesy of The Hillcrest