Salt Lake Community Changes Hands

Nitya Capital is the new owner of the 151-unit Class B community in the city’s downtown, after funding the purchase with more than $27 million in acquisition financing.
Downtown 360

Nitya Capital has purchased Downtown 360, a 151-unit Class B multifamily asset in Salt Lake City, from Garbett Homes, per Yardi Matrix data. Heitman provided $27.4 million in acquisition financing to the buyer. The seller also developed the community, which opened its doors in June 2017. In November, another recently completed community, the 277-unit Alta Gateway Station, changed hands four blocks away.

Located at 360 S. 400 W. in the city’s central business district, Downtown 360 is across the street from Pioneer Park, a mile from Temple Square. The community is immediately near public transportation links, shopping and dining options, with upwards of 11 million square feet of office space within a mile.

Downtown 360 contains studio, one- and two-bedroom apartments, with floorplans ranging from 546 to 1,280 square feet. The community’s amenities include a fitness center, club room, business center, valet trash service and electric car charging stations. As of October, the property was 95.4 percent occupied, per Yardi Matrix data.

Image courtesy of Yardi Matrix