Restore Utah Acquires The 500 Apartment Community in Salt Lake City

by Nellie Day

SALT LAKE CITY — Restore Utah has purchased The 500, a 109-unit apartment community in South Salt Lake City, for an undisclosed sum. The community is located at 3440 S. 500 E.

The 500 offers two-bedroom apartment and townhome units near downtown Salt Lake City. Amenities include a swimming pool, playground, large private patios and covered parking. Restore Utah plans to enhance the community through interior renovations and a common area overhaul that will include a dog park and gathering pavilion.

The acquisition was made possible by Goldman Sachs’ increased equity commitment of $24 million to Restore Utah’s Multifamily Acquisition Fund. The commitment allowed the fund to significantly increase its acquisitions and improve affordable housing options throughout the Wasatch Front.

Restore Utah revitalizes low- and moderate-income neighborhoods by transforming vacant or neglected properties hit by the financial crisis into quality, affordable rental homes for low-income families.

You may also like