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10/13/14
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A joint venture between Watt Investment Partners (“WIP”), a commercial investment arm of Santa Monica-based Watt Companies, and certain affiliates of Westport Capital Partners LLC (“WCP”) recently acquired two multifamily land development sites located in the greater Salt Lake City region.
One of the sites is located at 932 East 900 South in Salt Lake City’s up-and-coming “9th and 9th” District, where the venture plans to build 30 apartment units over 5k sf of retail space. WIP and WCP intend to take advantage of the asset’s infill location in the bustling 9th and 9th neighborhood, known for its pedestrian-friendly environment, trendy restaurants, and boutique retail and entertainment options.
The new development will feature a modern design that incorporates both old and new materials in order to integrate with the eclectic fabric of the neighborhood. The property previously housed the Mutual Beauty Supply store and was purchased in an off-market transaction, which closed in July.
The second acquisition site is planned for a ground-up development of 200 apartment units with 24k sf of ground-floor retail space in the City of South Salt Lake. The property is strategically located along the new Sugarhouse S-car line, which connects the downtown Sugarhouse commercial district and recreation area with the Salt Lake City regional TRAX system.
After closing the deal in August, WIP and WCP have made plans to demolish the 100k sf Zellerbach Paper Company industrial warehouse currently on site. The new residential component of the property will feature townhomes and one-, two- and three-bedroom units. The project will enable residents to access amenities in Sugarhouse with transit opportunities throughout the greater Salt Lake City area.
Both projects are expected to break ground in early 2015, with completion expected in 2016.
“With its attractive population and job growth metrics, coupled with a tax-friendly environment and low cost of living, Utah has strong growth potential for Watt,” said Nadine Watt, President of Watt Companies. “Our investment strategy nationwide is to identify strategic infill locations with easy access to public transit and a wide variety of existing amenities in order to create a positive experience for residents and tenants. These factors specifically attracted us to these properties in the Salt Lake area.”
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