Salt Lake City Luxury Asset Commands $149M
This is the state's largest multifamily transaction in the state in nearly five years.
Centerspace has purchased Sugarmont Apartments, a 341-unit luxury community in Salt Lake City, for $149 million. This deal, marking the company’s first acquisition in the Utah market, is also the largest multifamily transaction in the state in nearly five years.
Cottonwood Communities Inc. sold the Class A asset and will serve as its manager going forward. Northmarq represented the buyer.
Multifamily sales in Salt Lake City totaled $141.9 million year-to-date as of May, according to Yardi Matrix data. The amount is significantly lower than the $214.7 million recorded in the same period of last year. At the end of 2024, the investment volume clocked in at $444 million, a Yardi Matrix report shows.
A luxury community in Salt Lake City
In 2016, Boulder Ventures Development received the city’s approval for the construction of Sugarmont and broke ground on the project soon after. A $63.3 million loan from PNC Bank financed the multifamily development that came online in 2021. Boulder sold the property to Cottonwood in 2023.
Sugarmont encompasses studios, one-, two- and three-bedroom floorplans ranging between 504 and 2,053 square feet, according to Yardi Matrix information. Units feature washers and dryers, digital locks, walk-in closets, hardwood flooring and private balconies and patios.
Common-area amenities include a swimming pool, a fitness center, a clubhouse, coworking spaces, two courtyard terraces, a pet park, electric vehicle charging stations and 460 parking spaces.
Situated on 2.7 acres at 2191 S. McClelland St. in the Sugar House neighborhood, the community is near Interstate 80 and the S-Line streetcar, which allow easy access across the Salt Lake City metropolitan area. Fairmont Park and Sugar House Park are within walking distance of the property.
