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September 22, 2020
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Oakmont Properties Buys 453-Unit, Luxury Res Project in Salt Lake City


Oakmont Properties purchased Hardware Apartments, a 453-unit, Class A luxury resort-style apartment community located at 455 West 200 North in Salt Lake City for an undisclosed amount. The property was sold by KBS Real Estate Investment Trust III in an off-market transaction.

KBS, in partnership with local developer Salt Development, began ground-up construction on the multifamily property in mid-2016 with the first phase of 267 units Hardware West being completed for the asset in June 2018. The sale was concluded shortly after Phase II was completed on Hardware East, which comprises the remaining 186 units of the community. Hardware Apartments is situated in Hardware Village adjacent to the historic Salt Lake Hardware Building, which is also part of the KBS portfolio.

Situated near the heart of downtown Salt Lake City, Hardware Apartments offer a distinct variety of penthouses, lofts, studios, one- and two-bedroom luxury apartments, townhomes and stunning brownstone row houses. A state-of-the-art fitness center, yoga room, and a resort quality rooftop lounge with an infinity pool are among the luxury common amenities at the property.

Hardware Apartments is located steps from the TRAX light rail, Downtown Salt Lake City, Trolley Square and Liberty Park, and is connected to all major thoroughfares, employment centers, arts and entertainment in the Salt Lake City market. The property is within walking distance of restaurants, shops and retail stores.

Salt Lake City is an ideal fit with KBS strategy of investing in key growth markets nationwide with solid economic fundamentals, noted Tim Helgeson, asset manager for Hardware Apartments and senior vice president for KBS. The company also owns several office assets in Salt Lake City, including the Salt Lake Hardware Building, 222 Main, Millrock Park and Parkside Tower.

According to CBREs office report in Q1 2020, the Salt Lake City-Provo office market absorbed 196.7k sf on net a high for Q1 over the past two years. The abundance of incoming supply (over 3.0 million square-feet) with substantial preleasing reaffirms that there is still strong confidence in the Salt Lake-Provo marketplace.

Attorneys Bruce Fischer, Tatyana Litovsky and Chrisdo Fan, and paralegal, Amanda Kennedy, of global law firm Greenberg Traurig LLPs Orange County office represented KBS as legal counsel in the disposition.

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