Salt Lake City-Area Community Changes Hands for $32M
- Apr 05, 2018
Following the recent purchase of a 240-unit community in Denver’s Lafayette submarket, Buchanan Street Partners has acquired Pinnacle Fort Union, a 160-unit community on the southern outskirts of Salt Lake City, from RK Properties, for $31.8 million. The transaction represents Buchanan’s second recent purchase in the area, bolstering the company’s presence in in the Midwest.
The property is located at 1151 E. 6720 S. Cottonwood Heights, adjacent to Interstate 215. A Walmart-anchored retail center and Fashion Place Mall are less than a seven-minute drive away, while downtown Salt Lake City is within a 20-minute drive.
The new owner purchased the property as a value-add investment. Significant upgrades are planned, including a rebrading campaign, as well as interior and exterior remodeling. According to Yardi Matrix, the community comprises 48 one-bedroom, 76 two-bedroom and 36 three-bedroom apartments.
“Salt Lake City is among the fastest-growing regions in the nation due to strong job growth that is fueled in no small measure by the region’s high quality of life,” Kevin Hampton, executive vice president at Buchanan Street Partners, told Multi-Housing News. “Pinnacle Fort Union appeals to the lifestyle needs of its residents with walkable access to retail services and plentiful on-site amenities, including abundant open space in a park-like setting, a swimming pool, spa, club house and fitness center.”
Berkadia’s Managing Director James Wadsworth represented the seller and the buyer.
Image courtesy of Yardi Matrix