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January 26, 2020
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Salt Lake City TOD Project Lands Preferred Equity Money


Salt Lake City-based Boulder Ventures Development Inc is closer to starting construction of Upper West, a 207-unit, Class-A, transit-oriented, multi-housing project in the suburban Salt Lake City community of West Jordan, UT. The $52 mil development, to be constructed adjacent to a TRAX light rail stop, has secured preferred equity financing, arranged by JLL and placed with a private capital fund.

Upper West will comprise four levels of residential space housing a mix of studio, one- and two-bedroom units over a parking structure. Planned community features include an outdoor pool, cabanas, spa, clubroom, outdoor bar and kitchen, fire pit and vegetable garden.

Situated on 2.43 acres at 3283 West Jordan, the development will be part of the Jordan Valley master development, which includes 1,396 multi-housing units, 83.2k sf of office space and nearly 35k sf of retail and restaurant space. The property site is adjacent to the Jordan Valley Station TRAX stop and about 13 miles south of downtown Salt Lake City. Additionally, the site is surrounded by the Jordan Valley Medical Center, Salt Lake Community College Campus and the Jordan Valley Station high-density TOD development that will contain residential, retail, restaurant and commercial space.

JLL’s Mike White led the team that arranged the financing. According to White, the transaction entailed a 30-day closing time frame that involved the coordination of four separate stakeholders.

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