Weidner Drops $130M for Salt Lake City Community
The transaction marks Utah's largest suburban multifamily investment in five years.
Weidner Apartment Homes has paid $130 million for Seasons of Traverse Mountain, a 440-unit multifamily community in Lehi, Utah. The buyer rebranded the property as Ridgeline at Traverse Mountain, according to its website.
Mountain States Properties sold the asset for approximately $295,455 per unit. Cushman & Wakefield worked on behalf of the seller.
The transaction is the largest widely marketed multifamily sale on record in Utah County. The deal also marks Utah’s largest suburban residential sale by dollar volume closed over the past five years, according to the brokerage.
Located at 4200 N. Seasons View Drive, the property is within the hillside neighborhood of Traverse Mountain, sitting on the northern edge of Lehi, near the open-air retail center Outlets at Traverse Mountain and Adobe’s campus, one of the area’s major employers. The community has access to Interstate 15, the main route serving the Silicon Slopes region and tech corridor. Downtown Salt Lake City and its international airport are 31 miles away.
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Completed in 2014, Ridgeline at Traverse Mountain comprises nine four-story buildings spread across 26 acres. The pet-friendly community has one- to three-bedroom floorplans with an average size of 907 square feet. Interiors have in-unit washers and dryers and covered balconies or patios.
Common-area amenities feature a swimming pool, a spa center, a business center, two fitness centers, a soccer field, a theater, four playgrounds, barbecue areas and 740 parking spots.
The Cushman & Wakefield team representing the seller included Vice Chairmen Kip Paul and Kevin Donner, alongside Senior Director Michael King, Director JT Redd, and Associates James Hunsinger and Katie Goldberg.
Salt Lake City’s mixed fundamentals
Salt Lake City’s multifamily sector started 2026 with supply pressures and falling asking rents, according to a Yardi Matrix report. Average asking rates declined 0.4 percent on a trailing three-month basis through February, to $1,525.
Investment totaled $641 million in 2025. The figure exceeded Salt Lake City’s multifamily transaction volume from the previous two years, while last year’s activity marked a return to the metro’s historic transaction levels recorded between 2016 and 2020, when the annual average dollar volume stood at $660 million.
The first nine months of 2026 saw a slow transaction activity in the metro, with only seven communities changing hands, totaling $187 million, according to Yardi Matrix information. Some notable deals included the $53.9 million sale of involving Lex, a 204-unit property in Tooele, Utah. The Korda Group purchased the asset in April from Zenith Partners, the same source shows.
