CBC Brokers Sale of 3 Historic SLC Communities
Multifamily investors continue to show interest and confidence in the area’s apartment market. Strong demand resulted in multiple offers for all three assets.
By Alex Ciorogar
Coldwell Banker Commercial Advisors (CBC) arranged the sale of three historic buildings in downtown Salt Lake City. President of Investment Sales Rawley Nielsen, Senior Vice President of Investment Properties Adam Gatto and Investment Advisor Darren Nielsen arranged the transaction.
“The sale of these properties shows the high degree of confidence multifamily investors continue to have in Salt Lake City,” said Nielsen. “The strength of the current market fundamentals, along with the prospects for sustained growth, make these transactions a win for everyone involved.”
Located at 419 E 200 S, Westcliff Apartments was recently completely renovated. The other two buildings—located at 86-90 K St. and 701 E 2nd Ave.—were fully leased and will undergo renovations. The new owner has already begun leasing vacant units at a 50 to 80 percent increase over pre-renovation rental rates.
With a less than 3 percent apartment vacancy rate, average rent growth of 6 percent since mid-2016, and major new development striving to keep pace with demand caused by nation-leading population growth, Salt Lake City is a hot market among investors.
Image courtesy of CBC Advisors
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