Investments Sales Team Represents Iconic Multifamily Apartments
Salt Lake City (November 7, 2017) – Coldwell Banker Commercial Advisors (CBC Advisors) today announced that Rawley Nielsen, president of investment sales at CBC Advisors, Adam Gatto, senior vice president of investment properties at CBC Advisors and Darren Nielsen, investment advisor at CBC Advisors, brokered the sale of three historic Downtown Salt Lake City apartment buildings.
“The sale of these properties shows the high degree of confidence multifamily investors continue to have in Salt Lake City,” said Rawley Nielsen, “The strength of the current market fundamentals, along with the prospects for sustained growth, make these transactions a win for everyone involved.”
Representing an out-of-state private seller, Gatto and the Nielsen Team were able to attract multiple offers for Westcliff Apartments (419 E 200 S), 86-90 K Street, and 701 E 2nd Ave. Westcliff Apartments had just undergone a full interior renovation and was vacant at the time of sale. The other two buildings were fully leased and will undergo renovations under the new ownership.
“We had received multiple offers on all three apartment buildings which is indicative of the strong demand and vibrancy of the downtown apartment properties,” said Gatto.
Westcliff Apartments, one of Salt Lake’s early 20th Century icons, is emblematic of the success investors can find through repositioning. Following renovations and the sale of the property, new ownership has successfully begun leasing vacant units at a 50-80% increase over pre-renovation rental rates.
Each of these sales represents the current, and growing, confidence investors have in the Salt Lake City apartment market. With less than 3% apartment vacancy in Salt Lake City, average rent growth of 6.5% since mid-2016, and with major new development that is striving to keep pace with demand caused by nation-leading population growth, investors are anxious to enter the market.