SALT LAKE CITY — Publicly traded REIT Centerspace has acquired Sugarmont Apartments in Salt Lake City for $149 million. This marks Centerspace’s first owned asset in Utah. Northmarq’s Salt Lake City multifamily investment sales team, led by Mark Jensen, Rawley Nielsen and Darren Nielsen, arranged the sale and represented Centerspace. The seller was Cottonwood Communities, a publicly registered, non-listed REIT headquartered in Salt Lake City. Cottonwood was retained by Centerspace to manage the property.
Built in 2021, Sugarmont Apartments features 341 units in a mix of studios, one-, two- and three-bedroom traditional multifamily apartments as well as townhomes. Residences offer finishes such as quartz countertops with mosaic tile backsplashes, smart home features, private balconies and walk-in closets.
The property’s community amenities include a resort-style pool and hot tub, two landscaped courtyard terraces with firepits and grills, a fitness club and yoga studio, a pet park and a resident clubhouse.
According to Northmarq, this trade marked the first direct acquisition by a publicly traded REIT in the Utah apartment market.