SALT LAKE CITY – Dec. 15, 2021 – CBRE has announced that Timberlane Partners has sold Park Capitol Apartments, a 135-unit development located near Capitol Hill in Salt Lake City, Utah. Eli Mills and Patrick Bodnar of CBRE represented the seller in the transaction.
Located at 215 N. Main Street, Park Capitol houses one- and two-bedroom apartment units, 50-percent of which have been fully renovated with kitchens, gas fireplaces and wood-style flooring. The community is one of the few downtown properties which provide a swimming pool. Additionally, the fitness center has been fully refurbished and upgraded with the latest gym equipment.
“Park Capitol is located in the highly desirable Capitol Hill neighborhood of Salt Lake City, providing convenient access to downtown and City Creek Canyon where tenants have direct access to multiple outdoor recreation options. This greatly increased its attractiveness to investors,” noted Eli Mills.
Patrick Bodnar further added, “Warmington Properties of Costa Mesa, California, acquired the development due to the strong economic factors at play in Salt Lake City. The asset also presented a strong value-add opportunity by increasing rents through completing the renovation plan.”
The property was 96-percent occupied at the time of sale and was acquired by Warmington Properties, a full-service real estate company specializing in ground-up development and the acquisition and management of existing properties. This is Warmington’s fourth purchase in Utah and they remain bullish on acquiring more assets here.
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.
