June 3, 2015

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Article

A Year After Sale of 1.51 Acres of Downtown Parcels, Downtown Multifamily Living Continues to Change

Press Release

June 3, 2015

Salt Lake City—ARA, A Newmark Company would like to acknowledge the one year anniversary of the sale of 1.51 acres of land to Wasatch Advantage Group for the development of The Encore Apartments, a 190-unit Class-A community located at 443-479 East and 400 South in Salt Lake City.

ARA multifamily specialists, Greg Ratliff and Mark Jensen, assisted the Sellers in receiving 30 inquiries from established national multifamily developers during their extensive marketing assignment. Wasatch Advantage Group emerged as a buyer that fully understood the significance of this particular site and had confidence in the future of Downtown multifamily development. Mr. Ratliff and Mr. Jensen represented both the Seller and Wasatch Advantage Group in the completion of this transaction, which required the demolition of five existing buildings in order to prepare the site. Each tenant in two of the previous buildings had to be relocated to facilitate the transaction closing. The intricacies of this transaction were taken on by both the Buyer and Seller with mutual trust and cooperation to ensure the completion of this complex process. (Continued next page)

The Encore will be the largest downtown multifamily project since 2006 and will be arguably the most visible on Salt Lake City’s major transit corridor with 306 feet of 400 South exposure. 

This transaction along with the joint venture agreement, negotiated by the team, for the construction of Seasons at Denver Street, a 92 unit, Class-A multifamily development directly across 400 South has truly changed the face of Downtown multifamily living.

Regarding the sale Mr. Ratliff remarked, “We are proud of the win-win situation we created for both Buyer and Seller in guiding this transaction to its successful Closing.  This project will truly bring forth a higher quality of life and vibrancy to the 400 South Corridor.”

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