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Salt Lake City – Newmark Grubb ACRES announced a partnership with Grey Oak, LLC and Wasatch Advantage in the acquisition of 1.51 acres near 400 South in downtown Salt Lake City. The development, called Encore, will consist of a 189-unit, class A multifamily community. The group of six parcels is located on the north side of 400 South between Denver Street and 500 East.
The transaction closed at a record high price for multifamily developments and will provide the buyer the opportunity to capitalize on developing a high-profile site in Salt Lake City. Newmark Grubb ACRES investment specialists, Mark Jensen and Greg Ratliff, are active in the downtown area and identified the highest and best use for the parcels.
Another strategic condition of this transaction required the buildings to be vacated prior to closing. Jensen and Ratliff were instrumental in facilitating this process alongside Grey Oak and Wasatch Advantage.
“We’re lucky in Utah to have amazing people,” said Jensen. “In this case we had an amazing seller and a great group of buyers. The timing just worked out so that everyone’s needs were met. Transactions like these evolve through solid relationships based on trust and then executing real estate transactions that accomplish the client’s goals. Ultimately this deal came down to being lucky enough to work with an excellent and capable buyer and being lucky enough to have a patient and visionary seller.”