Utah

SALT LAKE CITY — CBRE has arranged the sale of The Zeller, a transit-oriented multifamily development in Salt Lake City. A joint venture partnership between Watt Investment Partners and certain funds managed by Westport Capital Partners sold the property for an undisclosed price. Completed in 2018, The Zeller features 293 apartment units, a 25-meter lap pool and rooftop lounge with a fire pit. Located at 2255 S. 300 East, the mid-rise community was 94 percent occupied at the time of sale. Eli Mills and Patrick Bodnar of CBRE’s Salt Lake City office represented the seller in the transaction. The buyer was not disclosed.

SOUTH JORDAN, UTAH — Olympus Property has purchased Promenade at the District, a Class A multifamily property located at 11391 S. River Heights Drive in South Jordan, for an undisclosed price. Effective immediately, the asset will be renamed Olympus at the District. Built in 2012, the property features 170 apartments, fitness center, eco-friendly/solar-powered units, two swimming pools, sunning decks, a clubhouse featuring a lounge area, televisions, a fireplace and billiards rooms, and two playground areas. Unit amenities include stainless steel appliances, granite countertops, gourmet kitchens, full-size washers and dryers, vaulted ceilings, faux-wood flooring, gas ranges, designer wood cabinets, oversized walk-in closets, 2.5-inch wood-composite blinds, one- and two-car direct-access garages, and front patios in select units. The buyer plans to spend $800,000 on top of the existing finish-outs to enhance the interiors, add minor renovations to the clubhouse, rebrand the property, paint the exterior, update exterior lighting and add a pet park. Interior upgrades will include adding smart-home packages, ceiling fans, vinyl flooring and a lighting package to further increase the value of the asset.

SALT LAKE CITY — SALT Development has completed the sale of 4th West, a multifamily property located at 255 N. 400 W in downtown Salt Lake City. Although the acquisition price and buyer were not released, the company claims that the transaction represents the largest total dollar single-asset sale in Utah’s history. Constructed in 2017, 4th West features 493 units, a one-acre rooftop community space with zero-edge pool and private cabanas; exclusive Sky Lounge with fire pits and grilling stations; and a clubhouse with a full-service kitchen and 5,100-square-foot health club, including a spin and yoga studio. Additionally, the community features a gated dog park, pet grooming station, bike wash with storage, business center with conference rooms, and a sports lounge with a TruGolf simulator, pool tables and 16-screen multiplex LED TV. The property is located adjacent to TRAX, offering direct access to Salt Lake City’s light rail system. Eli Mills and Patrick Bodnar of CBRE represented the seller in the deal.