KBS Sells 453-Unit Salt Lake City Community

Oakmont Properties acquired the luxury property in the face of economic uncertainty that complicated the deal.
Hardware Apartments. Image courtesy of KBS

Oakmont Properties has acquired Hardware Apartments, a 453-unit luxury community in Salt Lake City, Utah, from KBS Real Estate Investment Trust III. The recently completed property, located at 455 W. 200 N., changed hands for an undisclosed amount in an off-market deal.

The sale took place despite severe economic uncertainties over the last couple of months. Rod Richerson, KBS’s regional president for the Western United States, noted in a statement that Oakmont Properties lost its lender at the last moment, so KBS provided short-term market rate seller financing to help complete the deal.

Private equity real estate firm KBS partnered with local developer Salt Development on the project, starting construction on the 267-unit first phase, Hardware West, in mid-2016 and wrapping up in June 2018. Hardware East, the 186-unit Phase II, was completed shortly before the sale. The property forms part of the Hardware Village development near downtown Salt Lake City, adjacent to the Salt Lake Hardware Building, a KBS-owned warehouse building that has been converted for office use.

The community features a variety of penthouses, lofts, studios, one- and two-bedroom apartments, townhomes and brownstone row houses, along with a high-end amenity package that include a fitness center and rooftop lounge with an infinity pool. The 4.3-acre site is located steps away from the North Temple Station of the TRAX light rail system as well as Trolley Square and Liberty Park.