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Three Downtown SLC Apt. Bldgs. Change Hands

CBC Advisors Brokers $3.25 Million Deal
November 10, 2017
Three historic Downtown Salt Lake City apartment buildings traded hands between individual investors for $3.25 million, or about $135,000 per unit.

The sale included the Westcliff Apts., a vacant 24-unit, mid-rise apartment complex located at 419 E. 200 South, as well as two fully leased buildings at 86-90 K Street, and 701 E 2nd Ave. The previous owner, which had just completed a full interior renovation of Westcliff, received multiple offers on all three properties.

Rawley Nielsen, Adam Gatto and Darren Nielsen, investment advisor at CBC Advisors Coldwell Banker Commercial Advisors (CBC Advisors) brokered the deal.

"The sale of these properties shows the high degree of confidence multifamily investors continue to have in Salt Lake City," said Nielsen. "The strength of the current market fundamentals, along with the prospects for sustained growth, make these transactions a win for everyone involved."

Jereme Thaxton of Venture Multifamily Advisors represented the buyer in negotiations.

Please see CoStar COMPS #4021556 for more information on this transaction.
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