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Wasatch Advantage Group and Strategic Multifamily have entered into a joint venture agreement to construct a 122-unit luxury apartments at 150 South 400 East in downtown Salt Lake City.
The project will be called CityScape Apartments and will include amenities such as a rooftop courtyard and spa, business conference center, dog-park, outdoor fireplace and BBQ areas. The apartments will feature luxury interior and urban finish exteriors, with views of downtown and the Wasatch Mountains. Construction on the apartments is scheduled for Fall 2012.
In 2007 and 2008 as Salt Lake Valley vacancy rates dipped below 5 percent, both Wasatch Advantage Group and Strategic Capital Partners foresaw the need for quality rental housing. During that time, the Group acquired land along the Wasatch front sufficient to construct more than 2,500 apartment units, most of which have been constructed and fully leased.
“We see a definite need for upscale apartment units downtown,” said Jeff Nielson, CFO of Wasatch Advantage Group. Speaking of the strength of the apartment market Nielson said, “Wasatch is both bullish on the strength of the Utah apartment market and at the same time very cognizant of the supply of new apartment projects throughout the Wasatch front.”
Strategic Capital Partners is the parent company of Henry Walker Homes, which began closing homes in 2009, and has quickly become a top five builder in Northern and Southern Utah. Strategic Multifamily has acquired additional land throughout the Wasatch Front that will be home to an additional 750 apartment units.
“The demographics, job growth, barriers of entry and excitement in downtown Salt Lake City lend themselves well to the development of luxury apartments downtown,” said Adam Paul, Partner in Strategic Multifamily. “Because of their experience and expertise in apartment rentals, our joint venture with Wasatch Advantage Group was an easy choice.”
For more information visit: www.wasatchgroup.com or strategiccapitalgroup.com.