HOUSTON and SALT LAKE CITY – July 29, 2019 – Berkadia today announced the sale and financing of Promenade at the District, a 170-unit multifamily property in South Jordan, Utah. Managing Director Greg Barratt of Berkadia’s Salt Lake City office represented the buyer, Texas-based Olympus Property. Senior Managing Director Tucker Knight of Berkadia’s Houston office also originated the debt on behalf of the buyer. The deal closed on July 18.
“Promenade at the District is a truly unique asset, strategically located in one of the fastest-growing communities in the Salt Lake Valley,” said Barratt. “A majority of the job growth along the Wasatch Front is within a 15-minute or less drive of the property. Additionally, the property is within a short walking distance to a number of shops, restaurants and entertainment.”
“Given the strength and quality of the asset, coupled with the well capitalized and experienced borrower, the financing aspect of the transaction was seamless,” said Knight.
Located at 11391 S. River Heights Drive, Promenade at the District features one-, two-, three- and four-bedroom floor plans with stainless steel kitchen appliances, faux-wood flooring and granite countertops. Residents have access to a spacious clubhouse, a swimming pool, a hot tub and a gym.