Salt Lake City — CBRE has announced that Timberlane Partners has sold Park Capitol Apartments, a 135-unit development located near Capitol Hill in Salt Lake City, Utah. Eli Mills and Patrick Bodnar of CBRE represented the seller in the transaction.

Located at 215 N. Main Street, Park Capitol houses one- and two-bedroom apartment units, 50-percent of which have been fully renovated with kitchens, gas fireplaces, and wood-style flooring. The community is one of the few downtown properties which provide a swimming pool. Additionally, the fitness center has been fully refurbished and upgraded with the latest gym equipment.

“Park Capitol is located in the highly desirable Capitol Hill neighborhood of Salt Lake City, providing convenient access to downtown and City Creek Canyon where tenants have direct access to multiple outdoor recreation options. This greatly increased its attractiveness to investors,” notes Eli Mills.

Patrick Bodnar further adds, “Warmington Properties of Costa Mesa, California, acquired the development due to the strong economic factors at play in Salt Lake City. The asset also presented a strong value-add opportunity by increasing rents through completing the renovation plan.”

The property was 96-percent occupied at the time of sale and was acquired by Warmington Properties, a full-service real estate company specializing in ground-up development and the acquisition and management of existing properties. This is Warmington’s fourth purchase in Utah and they remain bullish on acquiring more assets here.