RedHill Realty, Citymark Sell 151-Unit Salt Lake City Asset
The community is located in the urban core.
A joint venture between RedHill Realty Investors and Citymark Capital has sold Downtown 360, a 151-unit multifamily community in Salt Lake City. The buyer was a subsidiary of Hill Street Realty, HSR Income and Value REIT2. CBRE brokered the deal on behalf of the seller.
Built in 2017, the property includes studio, one- and two-bedroom floorplans averaging 653 square feet. Common-area amenities encompass a business center, 24-hour fitness center, clubhouse, picnic area with barbecue grills, dog park and storage units, as well as 185 parking spaces. Apartment interiors also feature in-unit washers and dryers and high-speed internet access, according to Yardi Matrix data.
The five-story mid-rise building is located at 360 S. 400 W., in the urban core of Salt Lake City. It is adjacent to Pioneer Park and is situated in the heart of a walkable area which features various dining, retail and entertainment options such as The Gateway, Vivint Arena, Temple Square and Gallivant Center. The asset is also in proximity to Interstate 15, offering access to more remote points of interest.
CBRE’s Senior Vice President Patrick Bodnar stated in prepared remarks that the acquisition of Downtown 360 represented a strategic entry in the Salt Lake City market for the buyer, as the asset is poised for a value-add renovation that ought to greatly increase the rental rate profile. Bodnar also mentioned the high demand in the metro’s investment market which he credited to strong fundamentals and continued in-migration.