Salt Lake City— CREDE has announced the development of Park Avenue Apartments, a 238-unit multi-family complex in the community of Sugar House in Salt Lake City, UT. Developed in partnership with Cottonwood Residential, CREDE broke ground on the project in July 2019, with completion set for fourth quarter 2021.
Park Avenue Apartments is a mid-rise multifamily project with 238 units offering studio, one- and two-bedroom apartment homes. Each unit will include nine-foot ceilings, luxury vinyl wood plank flooring, upgraded cabinetry and stone countertops, with most units having a balcony or patio.
The building will also feature 1,400 square feet of retail space, a fitness center, and a resort-style pool with an outdoor terrace that includes fire pits, barbecues and two hot tubs. The walkable Sugar House neighborhood has a mix of shopping, dining, entertainment, and parks in addition to being conveniently located near 1300 East and I-80.
“Park Avenue Apartments will provide highly desirable apartments in the burgeoning Sugar House area,” said Colby Durnin, CEO of CREDE. “The economic growth of Utah and Salt Lake City in particular, have led to a strong need for new residential options, as more companies relocate or open offices in Salt Lake City.”
According to Forbes, Salt Lake City ranked third in the magazine’s annual ranking of “The Top 25 Best Cities for Young Professionals in 2017.” Notable companies with offices in the city include Adobe, Twitter, Electronic Arts, Goldman Sachs, and others.
CREDE has three distinct divisions: Development, Construction Advisory and Asset & Property Management, providing a full spectrum of services to commercial real estate clients nationwide. CREDE is headquartered in Irvine, California and has offices in Arizona, Nevada, Tennessee, Texas, and Utah. For more information, please visit www.credegroup.com.
Based in Salt Lake City, Cottonwood Residential is a fully integrated real estate investment and management company whose operating officers have been focused solely on the multifamily sector since 2004. The firm owns and/or manages multifamily communities nationwide. Property and asset management services are complemented by financial, construction, and legal expertise.
Cottonwood Residential was launched with a business plan to acquire well located multifamily properties in what were considered the growth states for both jobs and population. Since that time, the firm has remained focused on buying multifamily in the right locations, always infill where new product will not be a real threat to property viability. Since its onset, the company has created third party management relationships with several owners and institutional investors.