Weidner Expands Salt Lake City Portfolio
The acquisition marks Weidner’s sixth asset in the state.
Weidner Apartment Homes has bought Citifront Apartments, a 166-Unit asset in Salt Lake City. CBRE sold the property, which was previously owned by Bridge Property Management.
Completed in 2003, Citifront encompasses three retailers and 166 residential units. The property stands four stories tall, on 3.3 acres and comprises studio, one-, two- and three-bedroom apartments ranging between 345 and 1,081 square feet. The floorplans offer kitchens with complete appliance packages, private balconies, in-unit washers and dryers, as well as central air conditioning.
Citifront Apartments is a pet-friendly community, also including a pet park. Community amenities incorporate a clubhouse, a fitness center, an outdoor pool and hot tub, a playscape, a business center and covered parking.
Located at 641 W. North Temple, within the Depot District, the property is less than 1 mile from the Gateway, which offers more than 100 retail options and restaurants. Citifront is positioned 10 minutes away from several entertainment and shopping options, including the Utah Museum of Contemporary Art, the City Creek shopping center as well as the Vivint Arena. City Creek Park is also within 5 minutes from the community.
Citifront Apartments marks Weidner’s sixth property in Utah, with the company’s portfolio totaling more than 1,400 units, according to Yardi Matrix data. Following a tepid 2020 due to the debut of the COVID-19 pandemic, Salt Lake City multifamily more than picked up lost ground last year, with rent growth mirroring the unprecedented national pace.