Wadsworth Multifamily’s Post

Wadsworth Multifamily is pleased to offer for sale the Belaire Gardens Apartments, 44 Units built in 1950 located in Downtown Salt Lake City, Utah. Click here for more information: https://lnkd.in/gr-zXasC • Excellent Location on 1.25 acres located in Downtown Salt Lake • Rare Salt Lake Value-add Opportunity • Non-rental Income Upside • Surrounded by Jobs, Shopping, Dining, and Entertainment • Walkable to Sprouts Market and Historic Trolley Square • More than 279,000 Jobs within a 5-mile radius #utah #apartments #realestate #investmentsales #multifamily #saltlakecity

Wadsworth Multifamily is pleased to announce the recent sale of Canyon View Crossing Apartments, 180 units built in 2016 located in Orem, Utah. Wadsworth represented the Seller in the transaction and was able to achieve a sub 5% cap rate. #utah #realestate #multifamily #apartments #investmentsales

Wadsworth Multifamily is pleased to announce the sale of Allure Apartments, 53 units built in 2024 located in Layton, Utah. • Property Sold Pre-Stabilization • All-Cash Transaction • Excellent Buyer, No Retrade • Closed 21 Days after Signing PSA Wadsworth represented the Seller in the transaction. #utah #realestate #multifamily #apartments #investmentsales

JUST LISTED: LEX APARTMENTS Wadsworth Multifamily is pleased to offer for sale Lex Apartments, 204 units located in Toole, Utah. Tooele is one of Utah's best kept secrets, located 35 minutes from Downtown Salt Lake with thousands of new jobs and residents coming to the Tooele Valley and high barriers to entry for competing multifamily product. Please reach out to a member of our team for more information. • New Construction, Built in 2024 • 35 Minutes from Downtown Salt Lake  • 30 Minutes from Salt Lake International Airport • Purchase a New Building Below Replacement Cost • Timeless Design and Superb Construction Quality • No Immediate CapEx Calls • Part of an 86-acre Master Planned Community • Currently in Lease-up • Option for Partial Seller Carry • Close to Major Job Centers and Future Job Centers • Easy Access to World-class Recreation • Tooele is One of the Fastest-growing Counties in Utah • Tooele’s Population Grew 2.7% Last Year • Tooele’s Population Grew 40.3% Since 2010 • Population Projected to Grow 17.7% by 2030 • Thousands of New Jobs Being Created in Tooele • High Barriers to Entry for New Apartments #utah #apartments #realestate #investmentsales #multifamily

Wadsworth Multifamily is pleased to offer for sale Allure Apartments, 53 units located in Layton, Utah. This is a rare investment opportunity in a highly desirably location. Please reach out to a member of our team for more information. •Purchase a New Building Below Current Replacement Cost •New Construction, Completed in January 2024 •Currently in Lease-up with 21 Leases Signed •CO's Received on all Units •Fantastic Marketing Window and Curb Appeal •Attractive, Modern Design •True Condo Quality Construction •Walkable to Smith's (Kroger) Grocery Store •Close to Major Job Centers •Easy Access to World-class Recreation •25 Minutes North of Downtown Salt Lake City •High Growth, Highly Desirable Market •Unit Mix features 91% 2 Bedroom Units with 48 Garages and 12 Townhomes with Direct Access Garages #utah #apartments #realestate #investmentsales #multifamily

Wadsworth Multifamily is pleased to announce the recent sale of Sunset Springs Apartments, 124 units in St. George, Utah. Wadsworth Multifamily represented the Seller and was able to collect 24 offers on the property, resulting in an all-cash buyer and a record price in the current market. #utah #utahrealestate #investmentsales #realestate #multifamily #apartments #stgeorge

Wadsworth Multifamily is pleased to announce the recent sale of Ascent at Cottonwood Creek Apartments, 88 units in Millcreek Utah. Congratulations to DB Capital Management and Preserve Partners on a successful transaction. DB Capital Management did a terrific job renovating and breathing new life into this Salt Lake apartment community, adding value to a great asset that helped improve the whole neighborhood. Preserve Partners was a fantastic buyer to work with throughout the process. #utah #saltlakecity #apartments #investmentsales #multifamily #valueadd #wadsworthmultifamily

As we approach the end of the year, our team has compiled a few data points you may find interesting for the 2023 Utah apartment market: • Utah Apartment Sales Volume is down an estimated 83% compared to last year based on preliminary year-end data. • Cap Rates are averaging in the low 5% range, compared to 3.5% in 2022 • Rent has been steadily declining throughout the year and is down -4.8% since Q3 2022 • Vacancy has been steadily rising and now averages 5.1% across the state (vacancy averages 9.2% when including properties in lease-up) • Concessions are up nearly 100% compared to last year • New Construction is up 81% compared to last year; nearly 12,800 units delivered in 2023. Click the link below for graphs and more details. https://lnkd.in/gTcSt39R

The Salt Lake apartment market is experiencing some headwinds. Our latest report indicates rent decreased -3.0% over the past year. Vacancy has also increased as a record number of new units are being delivered to the market. More than 17,600 units are currently under construction in Salt Lake County. However, the fundamentals remain strong. Unemployment is low. Jobs, wages and the population continue to grow. Housing prices have also been steadily increasing despite mortgage rates climbing above 7%, pricing many would-be home owners out of the housing market.   See the reports below for more details.

Our latest Utah Apartment New Construction Pipeline Summary is now available. Below are a few key points from the report: • There are currently 28,637 units under construction along the Wasatch Front. • 62% of the units under construction are located in Salt Lake County. • 21,099 new apartment units have been delivered to the greater Salt Lake area since 2021. • In 2022, new construction apartment deliveries fell as projects experienced delays and developers grappled with rapidly rising interest rates, construction costs, and supply chain shortages. • The Kem C. Gardner Policy Institute estimates that Utah’s household growth will exceed housing unit growth in 2024, pushing the housing shortage up by 31% to over 37,000 housing unit. See the report below for more details.