Wasatch Advantage Group and Strategic Multifamily have entered a joint venture agreement to construct a 122-unit luxury apartment complex at 150 S. 400 East in Salt Lake City.
The project, called CityScape Apartments, will include amenities such as a rooftop courtyard and spa, business conference center, dog park, outdoor fireplace and barbecue areas. Construction is scheduled to begin in the fall.
In 2007 and 2008, as vacancy rates in the Salt Lake Valley dipped below 5 percent, Wasatch Advantage Group and Strategic Multifamily saw the need for quality rental housing, according to company officials. During that time, Wasatch Advantage acquired land along the Wasatch Front sufficient to construct more than 2,500 apartment units, most of which have been built and leased.
"We see a definite need for upscale apartment units downtown," said Jeff Nielson, CFO of Wasatch Advantage Group. "Wasatch is both bullish on the strength of the Utah apartment market and at the same time very cognizant of the supply of new apartment projects throughout the Wasatch Front."
Strategic Multifamily is an affiliate of Henry Walker Homes, a builder in northern and southern Utah. It also has acquired land along the Wasatch Front that is proposed to be home to an additional 750 apartment units.
"The demographics, job growth and excitement in downtown Salt Lake City lend themselves well to the development of luxury apartments," said Adam Paul, partner in Strategic Multifamily. "Because of their experience and expertise in apartment rentals, our joint venture with Wasatch Advantage Group was an easy choice."
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