Two West Coast investors have made their first move into Utah, buying three recently built apartment buildings in Downtown Salt Lake City and downtown Ogden totaling 257 units.
Lake Washington Partners, a family-owned commercial real estate firm based in Bellevue, Wash., announced Thursday that its multifamily division, Refound Residential, had acquired theRANDI and theBEVERLY in Salt Lake City and The View on 20th in Ogden. The deals are the firm’s first in the Salt Lake market.
Lake Washington’s announcement doesn’t name a partner, but the firm wasn’t the lead buyer. Northmarq, whose Salt Lake City investment sales team of Rawley Nielsen and Mark Jensen represented the sellers, said in a Nov. 4 announcement that the buyer was San Francisco-based Veritas Investments, with Refound Residential as its capital partner.
Special warranty deeds recorded with Salt Lake County on Oct. 27 transfer the two Salt Lake buildings to a pair of Delaware companies, SLC 218 Randi LLC and SLC 63 Beverly LLC, both listing a San Francisco address. Prices weren’t disclosed.
Both Salt Lake properties were developed by Centerville-based Cole West. According to the deeds, theRANDI was sold by CW The Birdie LLC and theBEVERLY by CW The Beverly LLC. Colin Wright signed both deeds as authorized signatory.
TheRANDI, at 218 S. 200 East, is a six-story building with 61 apartments and 1,204 square feet of ground-floor retail. It was completed in 2022 and has a rooftop deck. Its unit mix is 12 studios, 40 one-bedrooms, six two-bedrooms and three three-bedrooms, according to Northmarq’s offering memorandum.
TheBEVERLY, marketed at 63 S. 600 West, is a cluster of four four-story buildings with 48 units on about 0.9 acres, two blocks west of The Gateway. It was completed in 2021 and includes one-, two- and three-bedroom units and penthouses with loft-style floor plans.
Northmarq marketed the two CW Urban buildings together, offering them individually or as a portfolio.
The View on 20th in Ogden
The largest of the three properties is The View on 20th, a 148-unit complex at 283 Park Blvd. in downtown Ogden. It sits on about three acres at the northwest corner of 20th Street and Grant Avenue, near the Ogden River.
The complex was built by PEG as part of Ogden City’s Riverbend redevelopment plan. Its first tenants moved in in November 2015, the Standard-Examiner reported at the time. Amenities include a spa, dog park, fire pit and package lockers.
Who’s buying
Lake Washington Partners was founded in 2006 and has historically focused on office and industrial properties. The firm says its portfolio includes 37 assets totaling about 11.6 million square feet across multiple states.
It launched Refound Residential in 2025. The division’s first Seattle-area purchases included the 84-unit Union Park and the 47-unit St. Theodore on Roosevelt, which the firm bought together for $45.4 million.
“Salt Lake City is an ideal expansion market for our multifamily portfolio, with a diverse and expanding economy, strong long-term investment fundamentals, and a business environment that supports sustained growth,” said Jordan Schenk, Lake Washington’s vice president of portfolio development.
Veritas, founded in 2007 by Yat-Pang Au, is best known as a San Francisco apartment owner. It was once the city’s largest residential landlord before defaulting on roughly $1 billion in loans backed by its apartments beginning in late 2022.
In its announcement, Northmarq said Veritas and Refound saw an attractive purchase basis in the Salt Lake market and an opportunity to position for the region’s long-term growth.
Lake Washington’s announcement also said the firm is opening a Texas office, relocating some existing employees there and hiring locally. The release did not say which city.
“National expansion requires building the people, relationships, and local expertise to operate successfully in each market,” said Jordan Lott, the firm’s CEO and president.
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