Centerspace, a publicly traded REIT, paid $149 million for a 341-unit apartment complex in Salt Lake City. Cottonwood Properties was the seller.

Northmarq’s Salt Lake City Multifamily Investment Sales team, led by Mark Jensen, Rawley Nielsen and Darren Nielsen, brokered the deal. Northmarq says this sale represents the largest multifamily transaction in Utah in nearly five years and the first direct acquisition by a publicly traded REIT in the Utah apartment market.

Built in 2021, Sugarmont Apartments features a mix of studios, one-, two-, and three-bedroom units, along with walk-up townhomes. Residence amenities include a pool and spa, two landscaped courtyard terraces with firepits and grills, a fitness club and yoga studio, a pet park, and a resident clubhouse.

Located at 2191 S McClelland Street, Sugarmont Apartments sits just six miles from downtown Salt Lake City and within easy reach of world-class ski destinations such as Snowbird, Alta, and Park City.