The Salt Lake office of CBRE has announced the sale of Downtown 360, a 151-unit apartment development on the perimeter of Salt Lake City’s Central Business District. Eli Mills and Patrick Bodnar represented the seller—Nitya Capital—in the transaction. Rocco Mandala of CBRE Debt & Structured Finance arranged the financing for the buyer, Redhill Realty Investors.
Downtown 360 was constructed in 2017 and is a modern, urban-style apartment community. Located at 360 South 400 West, the development consists of one- and two-bedroom units, each featuring walk-in closets, a full washer/dryer, vinyl plank flooring, chef-style kitchens, and private outdoor space. In addition, Downtown 360 provides a 24-hour fitness room, a resident lounge with a pool table, a dog park, and a picnic area with barbecue grills, among other amenities. With 203 assigned garage spaces for residents, the apartment complex was 96% leased at the time of sale.
“Downtown 360’s abundant amenities and dynamic location were draws for Redhill Realty Investors, who had been searching for an ideal investment in the Salt Lake City-area,” noted Patrick Bodnar, first vice president. “This is Redhill’s first entry into the Utah market, and the site’s access to downtown living and standout local economy made the apartment complex an appealing investment opportunity.”
“The apartment market in downtown Salt Lake City has been extremely active. Absorption of new units has been incredibly strong since the start of the new year—approximately 80% of delivered units are currently leased,” commented Eli Mills, senior vice president. “Having the University of Utah resume in-person classes, in addition to several notable downtown-based companies requiring employees to be back in the office, has greatly helped revive the multifamily market. The streets are busy again!”
The seller, Nitya Capital, based in Houston, Texas, is a privately held real estate investment firm that owns and manages approximately $2 billion in real estate assets across the U.S. Nitya is focused on the acquisition and management of multifamily, new development, and commercial office and retail assets. Since inception, Nitya has acquired 20,000+ multifamily units and 1,842 beds (627 units) of Class A student housing, 1 million square feet of commercial office, hundreds of single-family homes, and 300,000 square feet of retail/mixed-use.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.