New Class A Multifamily Development Coming to Downtown Salt Lake City
Newmark Grubb ACRES is pleased to announce its partnership with Grey Oak, LLC and Wasatch Advantage in the acquisition of 1.51 acres poised to change the face of 400 South in Downtown Salt Lake City. The development, called Encore, will consist of a 189-unit, class A multifamily community. The group of six parcels is located on the north side of 400 South between Denver St. and 500 East.
The transaction closed at a record high price for multifamily developments and will provide the buyer the opportunity to capitalize on developing one of the most high-profile sites in Salt Lake City. The parcels were previously marketed by another local brokerage unable to find the right fit for the location.
Newmark Grubb ACRES investment specialists, Mark Jensen and Greg Ratliff, are extremely active in the Downtown area and identified the highest and best use for the parcels. They successfully marketed the property, both locally and nationally, to established multifamily development organizations. With significant interest generated on an opportunity of this magnitude, Jensen and Ratliff recommended the ideal developer, dominant in the Wasatch Front multifamily market, with the creativity and resources to construct a quality multifamily project.
Another strategic condition of this transaction required the buildings to be vacated prior to closing. Jensen and Ratliff were instrumental in facilitating this process alongside Grey Oak and Wasatch Advantage, paramount to the success of this transaction.
Speaking on the transaction, Jensen remarked, “We’re lucky in Utah to have amazing people. In this case we had an amazing seller and a great group of buyers. The timing just worked out so that everyone’s needs were met. Transactions like these evolve through solid relationships based on trust and then executing real estate transactions that accomplish the client’s goals. Ultimately this deal came down to being lucky enough to work with an excellent and capable buyer and being lucky enough to have a patient and visionary seller.”