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A newly built midrise apartment building in Salt Lake City’s Central City neighborhood has sold to a California investor in what is being described as the largest Downtown apartment deal in two years.
The project, known as Cottonwood Broadway at 325 E. 300 S., spans an entire Salt Lake City block from 200 South to 300 South.
The building includes 254 units in a midrise building, where apartments average 818 square feet.
The deal closed at the end of February.
While Utah is a non-disclosure state — meaning it is one of the few states where the law doesn’t require brokers to disclose purchase prices in real estate transactions — some of the terms of the deal were disclosed in county records.
The California-based KDF Communities, typically an affordable housing developer and investor, was the buyer, according to county records.
KDF took out a $40.8 million loan for the property, the county records show.
“This marks the first large apartment sale in downtown Salt Lake City in two years,” said Greg Barratt, senior managing director of Berkadia, which represented the seller. “With over 330 signed confidentiality agreements and 25 written offers, the demand for institutional is undeniable.”
Cottonwood Residential developed the property. The Millcreek-based real estate investment trust developer was hit with a $3.1 million lawsuit over the project by Rimrock Construction earlier this year over alleged unpaid bills before the suit was settled and the property was sold the next month.
Glendale townhome site hits the market
A west side project that has been moving forward as townhomes began being marketed for sale this month.
“This 6.64-acre site located next to the Jordan River and Glendale Golf Course is primed for a planned 161-townhome development,” wrote Patrick Risk, an associate with Northmarq. “The proposed community will offer a variety of floorplans and exceptional amenities, including a dedicated kayak launch area and dock amenity for residents to enjoy the riverfront. Site plans highlight modern townhomes featuring rooftop decks, garages, and stunning waterfront and city/mountain views.”
The latest version of the project, which was updated in March before being marketed for sale, includes more than 23 individual buildings, which would hold a total of 161 homes.
The unique site – bordered on three sides by the Jordan River, the Surplus Canal, and 2100 South — sits on 6.64 acres and General Commercial (CG) zoning. Directly to the south across 2100 is the Intermountain Farmers Association (IFA) store.
CG zoning requires 10-foot setbacks and limits height to 60 feet. In addition, the city’s riparian overlay zone requires a no-build buffer within 50 feet of the two waterways.
The previous version of the project envisioned 1.5-bed, 1-bath units that included 1,145 square feet of living space. The new rendition includes larger units in three-story townhomes and with more parking.
The latest version of the project envisioned 322 parking spaces for the larger units.
It’s the second significant townhome project on the west side proposed by Axis Architects to go through entitlement before being put on the market.
Axis Architects also sold that project, also earlier this year, to a separate developer. That developer took out a $3.3 million loan to build the project at 1225 S. Glendale.
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