CBRE Represents SALT Development
Salt Lake City—The Salt Lake office of CBRE has announced the sale of 4th West, a multifamily community comprised of 493 luxury apartment homes in downtown Salt Lake City. Constructed in 2017 by SALT Development, this transaction represents the largest total dollar single asset sale in the state’s history. Eli Mills and Patrick Bodnar of CBRE represented the seller, SALT Development, in the transaction.
“4th West incorporates thoughtful design and delivers a best-in-class, luxury, condo-quality experience; it is urban resort living at its best,” noted Bodnar. “The property features high-class finishes like commissioned artwork; chef-inspired kitchens with stainless steel appliances, gas cooktops, and quartz countertops; and oversized balconies, to name a few. In addition, the entire 5th floor consists of penthouse units with an even higher level of finishes. Combine all this with the amazing on-site amenities and you can see why 4th West was awarded ‘2018 Development of the Year’ by the Utah CCIM chapter.”
State-of-the-art amenities include a one-acre rooftop community space with a zero-edge pool and private cabanas, an exclusive Sky Lounge with fire pits and grilling stations, and a clubhouse featuring a full-service kitchen and 5,100-square-foot health club that has both a spin and yoga studio. In addition, there is a gated dog park and pet grooming station; bike wash with storage; a business center with conference rooms; and a Sports Lounge featuring a TruGolf simulator, pool tables, and a 16-screen multiplex LED TV. The building is also adjacent to TRAX, offering direct access to Salt Lake’s light rail system.
“Salt Lake City is maturing rapidly and competing with markets like Portland, Denver and Phoenix. Sale transactions like 4th West have put Salt Lake on the radar as a preferred investment market for multifamily assets where large institutional, private equity and high-net-worth investors can realize scalability and liquidity,” commented Mills. “4th West establishes the flight-to-quality the market was ready to embrace.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.