Salt Lake City, CO (October 6, 2020) – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm has sold a 160-unit, 1996 built, multifamily community in Cottonwood Heights, UT to Warmington Properties.
Purchased in March of 2018, Buchanan completed high-end unit renovations during their ownership which included quartz countertops, white shaker cabinets, faux wood flooring, new plumbing/lighting fixtures, new paint and carpet. Extensive common area improvements were also made to the clubhouse/leasing center, fitness center, pool area, parking lot, bocce ball court and the sites overall landscaping.
Ascent in Cottonwood consists of 13 buildings, on 8 acres of land and was 95% occupied at the time of sale. The Property offers a low-density site plan (19 units/acre), spacious floorplans (avg. 1,029 sq. ft.), and a convenient location adjacent to the I-215.The location provides access to the region’s major economic drivers comprised of more than one million professionals across the Silicon Slopes, inclusive of Downtown Salt Lake City, Sugar House, and Utah County. With more than ±2.1 million square feet of walkable, upscale retail and restaurant options, Ascent in Cottonwood residents benefit from an all-inclusive live, work, & play destination within the region’s epicenter of innovative high-tech start-ups and globally recognized companies.
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that focuses on value-investing in both commercial and multifamily direct ownership and in making debt investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation. www.buchananstreet.com