Salt Lake City—August 27, 2019— The Salt Lake office of CBRE has announced the sale of The Zeller, a Class A, transit-oriented multifamily development located in Salt Lake City. Eli Mills and Patrick Bodnar represented the seller, a joint venture partnership between Watt Investment Partners and certain funds managed by Westport Capital Partners.
Completed in 2018, The Zeller is comprised of 293 modern-style apartment units. Located at 2255 South 300 East, the newly built, mid-rise community features a cool-toned, contemporary design and several desirable amenities, including a 25-meter lap pool and roof-top lounge with a cozy fire pit. The property was 94% occupied at the time of sale.
“This sale is another example of just how high the demand is for Salt Lake apartment products—not only for private equity investors, but also notable institutional investors. The number of institutional investors in the area has been increasing for several years now, and we expect this trend to continue,” said Bodnar, vice president. “The buyer is a new institutional group in the market and is thrilled to have planted a stake in the ground in Salt Lake City, becoming a part of this high-growth market area.”
The seller is a joint venture partnership between Watt Companies and certain funds managed by Westport Capital Partners. Watt Companies is a diversified real estate company specializing in commercial development and full-service asset management in the western United States. Investment partner, Westport Capital Partners, has diverse experience across a full spectrum of sectors and geographies. To learn more about Watt Companies visit www.watt-ip.com. Visit Westport Capital Partners at www.westportcp.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Westport Capital Partners LLC: Westport Capital Partners LLC is a real estate investment firm focusing on adding value to real estate and “hands-on” solutions to complex situations. Westport provides domestic and international real estate related investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed, opportunistic and core plus real estate assets. The firm has offices in Los Angeles, California, Wilton, Connecticut, and Bozeman, Montana. For more information regarding Westport Capital Partners LLC, please visit www.westportcp.com.