IS News & Transactions

Berkadia Completes Record Breaking Sale of Mixed-Use Property in Salt Lake City

2/2/2017

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Berkadia today announced the recent sale of The Vue at Sugar House Crossing, a mixed-use property in the highly-prized Sugar House neighborhood of Salt Lake City featuring 211 multifamily apartment units and 48,000 square-feet of retail space. Senior Directors James Wadsworth and Greg Barratt completed the sale, which closed on January 18.

The locally-based seller sold the property to a California high-net worth individual, who recognized the local market’s long-term positive outlook. 

"With over 97 percent occupancy, investors and residents alike recognize The Vue at Sugar House’s attractive features and prime location in the Salt Lake area,” said Wadsworth. “In terms of job growth and apartment fundamentals, a 3.4 percent year-over-year hiring increase from local employers continues to fuel the Salt Lake market’s favorability compared to many large cities across the country."

Built in 2015, the residences feature studio, one-, two- and three-bedroom floor plans with quartz countertops, high ceilings, stainless steel appliances, personal balconies and a washer and dryer. Community amenities include a movie room, a spa with a waterfall, a fitness center, two patio lounges and a grand outdoor fireplace. Retail tenants include Buffalo Wild Wings, Cubby’s Chicago Beef, Cold Stone Creamery, Potbelly Sandwich Shop, Salt Lake Brewing Company and Mellow Mushroom Pizzeria.

Located at 2120 S. Highland Drive, The Vue at Sugar House Crossing affords convenient access to Interstates 15 and 80 and is within walking distance to shopping and the Sugar House Street Car public transit line. Nearby attractions include Sugar House Park, downtown Salt Lake City, The University of Utah and several world-class ski resorts. Top employers in the area include Goldman Sachs, Fidelity Investments, Westminster College and Primary Children’s Hospital.