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The Astoria
DevelopmentFinanceNewsUtahWestern

Midtown Capital Receives $31.5 Million Bridge Loan for Salt Lake City Development

by Channing Hamilton

SALT LAKE CITY — Midtown Capital has secured a $31.5 million bridge loan to complete the construction of The Astoria, a 149-unit property situated in the Fairpark District of Salt Lake City. Located at 11 N. 800 West, the seven-story asset will offer 372-square-foot micro units, 545-square-foot studios and one- and two-bedroom floor plans up to 955 square feet each.  The development is slated for completion in the third quarter of 2025. Scott Wadler, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia arranged the financing. New York-based …

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DevelopmentNewsUtahWestern

Wood Partners Breaks Ground on Development in Salt Lake City Suburb

by Channing Hamilton

LEHI, UTAH — Wood Partners has begun construction on Alta Vista, a 304-unit development in Lehi, about 30 miles south of downtown Salt Lake City. The property will offer a mix of one-, two- and three-bedroom apartments. Alta Vista will also feature roughly 8,000 square feet of amenity space, including a clubhouse, entertainment kitchen, coworking space, fitness center, speakeasy and an outdoor pool, spa and kitchen. The development will also add a trail system through the adjacent park, which will feature a playground, pickleball courts and a basketball court. The …

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Investment SalesNewsUtahWestern

TruAmerica Acquires 288-Unit The Falls at Canyon Rim Near Salt Lake City

by Channing Hamilton

SOUTH OGDEN, UTAH — TruAmerica Multifamily has acquired The Falls at Canyon Rim, a 288-unit community in South Ogden, 25 miles north of Salt Lake City. Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the deal. The Falls at Canyon Rim is situated on a 14.5-acre site. The community offers one-, two- and three-bedroom floor plans. Units average about 1,200 square feet. Amenities include a pool and hot tub, fitness center, BBQ grills, two playgrounds, basketball and tennis courts, a recreation room and dog …

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Carol Nelson Mountain Region Asset Living headshot and quote from article
Build-to-RentColoradoContent PartnerDevelopmentFeaturesIdahoIndustry ContentLeasing & MarketingMontanaNorth DakotaSouth DakotaUtahWesternWyoming

New Supply Tests the Mountain States’ Multifamily Markets

by Sarah Daniels

Population growth in the Mountain states over the last several years has fueled historic apartment construction across Colorado and Utah. The activity has created some supply overhang in the Denver and Salt Lake City markets in particular, but continuing in-migration, housing shortages and the high cost of home ownership could sustain their resiliency, say two of Asset Living’s newest executives in the region. Based in Houston, Asset Living manages assets valued at $55 billion nationwide, including more than 1,750 apartment properties in addition to student, affordable and single-family build-to-rent housing. …

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Crossroads Apartments in West Valley City, Utah
Investment SalesNewsUtahWestern

Institutional Property Advisors Brokers Sale of Crossroads Apartments Near Salt Lake City

by Channing Hamilton

WEST VALLEY CITY, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Crossroads Apartments, a 240-unit asset in the Salt Lake City suburb of West Valley City. Crossroads Apartments was constructed in 1986 on more than 10 acres. The property offers one- and two-bedroom apartments with walk-in closets, storage rooms and a patio or balcony. Community amenities include a pool, children’s playground, basketball and tennis courts, picnic area and clubhouse. IPA’s Brock Zylstra and Danny Shin represented the seller, The …

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Meridian Heights in Sandy, Utah
Investment SalesNewsUtahWestern

Institutional Property Advisors Brokers Sale of 96-Unit Meridian Heights Near Salt Lake City

by Channing Hamilton

SANDY, UTAH — Institutional Property Advisors (IPA) has brokered the sale of Meridian Heights, a 96-unit community in the Salt Lake City suburb of Sandy. Meridian Heights was built in 1998 on five acres. The property offers one- and two-bedroom units, as well as amenities such as covered parking, a clubhouse and laundry room. Tablerock Capital sold the the asset to Orion Real Estate Partners for an undisclosed price. Danny Shin and Brock Zylstra of IPA represented the seller and procured the buyer.

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FinanceNewsUtahWestern

PGIM Real Estate Provides $18.5 Million Loan for Mixed-Use Site in Layton, Utah

by Channing Hamilton

LAYTON, UTAH — PGIM Real Estate has provided an $18.5 million mezzanine loan to Rockworth Cos. for a 6.3-acre site in Layton, approximately 25 miles north of Salt Lake City. Daniel Kattan of PGIM secured the financing on behalf of the borrower. The site includes a newly constructed apartment community totaling 252 units, as well as two commercial buildings with 15,000 square feet of second-story office space and 15,130 square feet of ground-floor retail space.

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Post District in Salt Lake City
FinanceNewsUtahWestern

Walker & Dunlop, Affinius Capital, Clarion Partners Broker $157.5 Million to Refinance Mixed-Use Development in Salt Lake City

by Channing Hamilton

SALT LAKE CITY — Walker & Dunlop, Affinius Capital and Clarion Partners have arranged $157.5 million in loan proceeds to refinance Post District, a mixed-use complex in downtown Salt Lake City. Post District consists of 580 residential units across four buildings, as well as approximately 26,000 square feet of retail space. The complex is part of a three-phase project. The Walker & Dunlop New York Capital Markets team — led by Sean Reimer, Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and William Herring — co-originated the loan with Affinius Capital and Clarion Partners. …

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NOVEL Daybreak in South Jordan, Utah
DevelopmentLeasing & MarketingNewsUtahWestern

Crescent Communities Opens NOVEL Daybreak in Salt Lake City Suburb

by Channing Hamilton

SOUTH JORDAN, UTAH — Crescent Communities has opened NOVEL Daybreak, a 400-unit community in the Salt Lake City suburb of South Jordan. MAA provided construction financing for the project’s development, while Kier Construction acted as the general contractor. Craine Architecture and CID Design Group designed the complex. NOVEL Daybreak is located 10678 S. Lake Run Road in South Jordan’s Daybreak community. The property features a mix of studio, one- and two-bedroom apartments with quartz countertops, stainless steel sinks and kitchen islands with pendant lighting. Amenities include a coffee lounge, fitness …

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Studio Crossing in Park City, Utah
DevelopmentNewsUtahWestern

Crandall Capital to Break Ground on 320,000 SF Studio Crossing in Park City, Utah

by Channing Hamilton

PARK CITY, UTAH — Crandall Capital will break ground on Studio Crossing, a 320,000-square-foot mixed-use development in Park City, in late October. Studio Crossing will offer 208 affordable housing units in studio, one-, two- and three-bedroom floor plans, as well as approximately 100 townhomes and condominiums. The community will also include retail and dining space, a public transit station, electric car ports and an e-bike share. The project will be built with low-emitting construction materials and water-wise planting. The first phase of development is slated for completion in 2025. The development …

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