Cadre, BlackRock Buy Salt Lake City Community
The two firms worked with Ethos Real Estate to close on the acquisition of Harvest at Marmalade Apartments.
Cadre has partnered up with BlackRock Impact Opportunities Fund to acquire a 252-unit community in downtown Salt Lake City. The two firms worked with Ethos Real Estate to close on the acquisition of Harvest at Marmalade Apartments, which was acquired from an undisclosed seller. A source familiar with the deal told Multi-Housing News that the acquisition price was more than $100 million.
Built by Kier Construction, the mixed-use community offers studio, one- and two-bedroom units ranging from 536 to 1,480 square feet. The units were built with smart home locks and thermostats, and full-size washer and dryers, while select units have walk-in closets, a kitchen island, and a balcony or patio. The Harvest at Marmalade also has a fitness center, valet trash, co-working space, clubhouse with Wi-Fi, pool with a spa, and six outdoor terraces that connect the three buildings.
Kier Construction built an enclosed parking garage located on the bottom two floors, but there’s also retail and restaurant space on the ground floor. Located at 588 N. 300 West, Harvest at Marmalade is only a few blocks away from downtown Salt Lake City’s many attractions like the Salt Palace Convention Center, Capitol Theatre and Vivint Arena.
This acquisition is part of both Cadre and BlackRock Impact Opportunities Fund’s efforts to promote greater diversity and inclusion across the real estate industry. For Cadre, the Harvest at Marmalade acquisition is its latest commitment to support diversity within the industry, especially in supporting those who are focused on creating and preserving affordable multifamily housing.
The acquisition also aligns with the firm’s Direct Access Fund investment portfolio strategy that looks to contribute to the communities it invests in by partnering with local underrepresented minority-owned operating partners across the portfolio. Similarly, BlackRock Impact Opportunities Fund looks for investment opportunities in undercapitalized companies and communities that are expected to grow.