Wood Partners has sold Alta Gateway Station, a 277-unit, Class A + residential building located at 505 W. 100 S. in the heart of Salt Lake City.
Cushman & Wakefield negotiated the deal on behalf of Wood Partners. The sale garnered 207 executed confidentiality agreements and generated eight offers—five from institutional investors. While terms of the transaction remined undisclosed, Yardi Matrix data indicates that the buyer was Invesco Real Estate. A June 2015 construction loan for approximately $37 million was funded by Comerica Bank and was due in June 2019, according to Yardi Matrix. Details on any new funding were not available.
Completed in 2017, the project received the only LEED Platinum certification for a multifamily building in Utah. It was also named Development of the Year by the Utah Apartment Association.
“The LEED Platinum certification establishes Alta Gateway Station as a showcase example of efficient design and sustainability,” Tim McEntee, Wood Partners development director, said in a prepared statement. “Not only does this demonstrate Wood Partners’ leadership in the building industry in Utah, but it also fortifies our commitment to a better environment in Utah. Residents and visitors to this property will experience how these ground-breaking units are noticeably different from all others. This approach to sustainability, livability and efficiency illustrates the aptitude of our teams to construct and manage buildings that exceed the highest international green building standards.”
Alta Gateway Station is a transit-oriented development with immediate access to the TRAX Light Rail, high-speed FrontRunner trains and Green Bike sharing programs. Wood Partners also made efforts to achieve efficiency in power consumption, water usage, materials and resources and indoor environment quality.
The community is located in the city’s new Entertainment District and adjacent to The Gateway open-air retail and office destination and Vivint Smart Home Arena, home of the NBA’s Utah Jazz.
The building features studios, one-, two- and three-bedroom floor plans. Amenities include a rooftop deck with entertainment kitchen, pool and hot tub, cyber café, game room, wine storage, clubroom, fitness center, bike/ski repair shop, dog wash and dog park. The average rent this year was $1,594 with a high of $2,855 for a three-bedroom, two-bath unit and low of $1,261 for a studio.
“The top-tier amenities, coupled with the LEED Platinum certification elevates Alta Gateway to the quality of life that can be achieved in Salt Lake City. Its iconic design, premier downtown location and best-in-class on-site management team and service provides upbeat sophistication and the highest-level craftsmanship,” Kip Paul, vice chairman, investment sales, Cushman & Wakefield, said in a prepared statement.
Expanding the Alta Brand
This summer, Wood Partners completed Alta Central, a 223-unit luxury apartment community in Phoenix. Located at 4001 N. Central Ave. near Phoenix’s central business district, the multifamily asset is located near multiple employment hubs, including healthcare facilities and office buildings. The property offers studios, one-bedroom, two-bedroom and three-bedroom floor plans and common area amenities including indoor and outdoor recreation areas, a swimming pool, fitness center and rooftop pet area. It was the fifth development under the same brand Wood Partners is developing in metro Phoenix. In January this year, Wood Partners broke ground on Alta Woodson, a 140-unit community in Oakland, Calif.
Image courtesy of Cushman & Wakefield