CBRE arranges sale of affordable housing in downtown Salt Lake
Salt Lake City — CBRE has arranged the sale of Citifront, a 166-unit affordable multifamily property in Salt Lake City, Utah. Members of CBRE’s Affordable Housing group collaborated with Eli Mills and Patrick Bodnar of CBRE Salt Lake City in representing the sellers—Bridge Founders Group and NeighborWorks Salt Lake—in the transaction.
“Salt Lake City is an ideal place for those looking to expand their affordable housing portfolios. This property has been well-maintained and offers a great mix of affordable units for residents,” says Taylor Froland, a member of CBRE’s Affordable Housing group.
Located in downtown Salt Lake City, Citifront was built in 2003 and has an occupancy of more than 99 percent. 104 units are kept affordable by a Low-Income Housing Tax Credit (LIHTC) regulatory agreement that limits renters to incomes below 60 percent of AMI. The property offers studio, 1-, 2-, and 3-bedroom units with community amenities that include a clubhouse, swimming pool, and fitness center. Citifront is located adjacent to the North Temple Station, allowing residents easy access to many transit options.
Eli Mills, EVP, notes, “Citifront is another example of how strong economic fundamentals play into local market investment activity. Utah’s outstanding employment numbers, combined with its higher-than-average employment and wage growth, has continued to fuel investor interest.”
The sellers, Bridge Founders Group, and NeighborWorks Salt Lake worked together through Citifront to provide and maintain quality, affordable housing in downtown Salt Lake City. Bridge Founders Group is a real estate investment manager which operates a national platform focused on select US real estate verticals, including multifamily, affordable housing, office, and development. NeighborWorks Salt Lake works in partnership with residents, government, and businesses to build and sustain neighborhoods of choice. The Company strives to build on the strengths of communities, creating opportunities through housing, resident leadership, and youth and economic development.
CBRE Affordable Housing is a specialty group within CBRE Group, Inc. that combines investment sales, debt and structured finance, and capital markets advisory into a fully integrated service offering for clients in the affordable housing industry. They have closed over $28 billion dollars in sales and financing since 2001 and have conducted transactions in all 50 states and Puerto Rico.