Berkadia Secures $33.5 Million of JV Equity For 418-Unit Multifamily Community in Salt Lake City
The Downtown West Apartments were acquired for $86 million
Salt Lake City, Utah (October 26, 2022) – Berkadia announces it has arranged $33.5 million of joint venture for the acquisition of Downtown West, a garden-style community with 418 units located in Salt Lake City, Utah.
Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured a joint venture equity partner on behalf of the buyer, a Southern California-based investment firm. A New York City-based private equity fund provided the $33.5 million equity investment behind a $62 million senior loan provided by Citizens Bank.
Located at 780 N 900 West, Downtown West was built in 1974 and includes one- and two-bedroom units ranging from 515 to 700 square feet. Amenities include a pool, fitness center, clubhouse, playground, and laundry facilities. The property offers easy access to I-15 and Highway 215 and is just 5 minutes from downtown, 15 minutes from Salt Lake City Airport and 15-20 minutes from the University of Utah.