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Salt Lake City — Cushman & Wakefield | Commerce today announced that Sunset Towers, a mid-rise apartment building with 114 units, has been sold. The property was sold by Sun Towers Associates and purchased by 900 East BE. Built in 1962, Sunset Towers is located at 40 South 900 East in Salt Lake City.
Kip Paul, executive director of investment sales for Cushman & Wakefield | Commerce, represented the seller in the transaction.
“This unique building was extremely appealing to the buyers due to its distinctive structure as a mid-rise building and its location, which is five minutes from downtown, the University of Utah and major medical facilities,” Paul said. “The apartment market is robust and strong right now so buyers have to be willing to make aggressive offers in order to find someone willing to sell, which is what happened in this case.”
Paul said the new owners are planning on building a new parking structure, making upgrades and renovating.