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Cushman & Wakefield |Commerce (www.comre.com) announced that The Landing, an iconic apartment building formerly named the Charleston Apartments near the University of Utah, has been sold. The 12-story building, constructed in 1950, is located on the corner of 500 South and 1300 E. in Salt Lake City and consists of 129 units.
Kip Paul, executive director of Investment Sales for Cushman & Wakefield | Commerce and Renaldo Hunt from RH Brokerage represented both the buyer and the seller in the transaction. The property was sold by 1300 East BRE, LLC and purchased by University Communities of Denver, Colo., which specializes in apartment complexes near universities for student housing.
“The Landing is Salt Lake City’s oldest high-rise apartment complex,” Paul said. “When this iconic building went up for sale, it drew a lot of attention and ended up being a highly competitive deal with multiple competing offers. This transaction demonstrates a vigorous, growing marketplace for such properties in this region.”
Paul said the new owners have significant renovations planned for the property moving forward.