4th West, a 493-unit luxury apartment community in Salt Lake City, has been sold in a transaction hailed as the largest total dollar single-asset sale in Utah history.
4th West, located at 255 N. 400 W., was built in 2017 by Salt Development.
The sale was announced by the Salt Lake office of CBRE. Eli Mills and Patrick Bodnar of CBRE represented Salt Development in the transaction.
“4th West incorporates thoughtful design and delivers a best-in-class, luxury, condo-quality experience. It is urban resort living at its best,” Bodnar said. “The property features high-class finishes like commissioned artwork; chef-inspired kitchens with stainless steel appliances, gas cooktops and quartz countertops; and oversized balconies, to name a few. In addition, the entire fifth floor consists of penthouse units with an even higher level of finishes.”
4th West received the 2018 Development of the Year award by the Utah CCIM chapter.
“Salt Lake City is maturing rapidly and competing with markets like Portland, Denver and Phoenix,” Mills said. “Sale transactions like 4th West have put Salt Lake on the radar as a preferred investment market for multifamily assets where large institutional, private equity and high-net-worth investors can realize scalability and liquidity. 4th West establishes the flight-to-quality the market was ready to embrace.”