Six Ridge Partners, the Cottonwood Heights real estate investment firm formerly known as Dakota Pacific, has lined up joint venture equity for a 217-unit apartment building in Bluffdale.
JLL Capital Markets announced Thursday that its equity advisory team arranged financing for the project at 15580 Plentiful Way, inside the Independence at the Point master-planned community near the Point of the Mountain. Neither JLL nor Six Ridge named the equity partner or disclosed how much was raised, but a trust warranty deed filed with the county shows the partner is Principal Real Estate Investors.
There’s also a $33 million construction loan from First National Bank of Omaha. It was recorded Aug. 28, 2026, and matures Aug. 27, 2029.
The five-story building broke ground in September, according to JLL. Highmark Construction is the general contractor under a guaranteed maximum price contract, and Six Ridge owns the land outright, the release said.
Highmark Construction has built other similar developments across Utah in recent years and is underway with construction on a 200-unit apartment community in Layton.
The Bluffdale plans call for studios through three-bedroom units averaging 792 square feet, with average rents of $1,558 a month.
The project includes 395 surface parking stalls, roughly 1.8 per unit, along with a pool, spa, clubhouse, fitness center, co-working lounge, theater, game room and rooftop deck.
First units are expected in August 2027, with full completion in February 2028 and stabilization by August 2028, JLL said.
The project will be the latest to test demand for new apartments in the south end of the Salt Lake Valley as property managers are working through leasing up a record number of new units closer to Downtown.
Six Ridge’s website calls the project Independence Apartments and lists its initial investment date as May 2024. The firm’s site describes the building as a workforce housing offering with market-comparable amenities, while JLL’s release markets it as Class A.
JLL pitched the deal to investors on Bluffdale’s growth, saying the population within a mile of the site rose 482% between 2010 and 2025 and that the submarket has seen little new institutional-grade apartment supply in recent years.
“This project represented a compelling opportunity in one of the nation’s strongest growth markets,” said Chris Gandy, a senior managing director at JLL, who led the deal with senior director Kevin Barron and associate Ellie Savage.
Independence at the Point spans 296 acres and is planned for roughly 1,900 homes, including 664 apartments, according to the master plan’s developer. It is separate from The Point, the state’s redevelopment of the former Utah State Prison site in Draper.
A new name for a familiar developer
Dakota Pacific began operating as Six Ridge Partners this spring. The company has said the name refers to the six states where it does most of its business: Utah, Idaho, Nevada, Montana, Colorado and Arizona.
The firm is best known for its mixed-use development at Kimball Junction in Summit County, which drew years of public opposition, lawsuits and legislative action before a development agreement was approved at the end of 2024. That project is now called Altus Park City.
Dakota Pacific was also responsible for developing what it calls South City in South Salt Lake. That mixed-use development includes the Bowers Residences, as well as a 150,000-square-foot office building on over 6 acres of land.
Six Ridge says it has invested $575 million in equity across roughly $1.5 billion in real estate value since its 2010 founding. Earlier this year, it sold Riverwoods Business Park, a three-building, 185,000-square-foot office campus in Provo.
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