KBS Divests Salt Lake City’s Hardware Apartments to Oakmont
Newport Beach, CA-based KBS sold Hardware Apartments, a 463,956 square-foot, Class A resort-style apartment community in Salt Lake City. The property, owned by KBS Real Estate Investment Trust III, was sold in an off-market transaction to Oakmont Properties for an undisclosed amount.
KBS and Salt Development began ground-up construction on the 453-unit multifamily property in mid-2016. The first 267-unit phase, Hardware West, was completed in June 2018. Once the remaining 186 units in Hardware East delivered, the asset was sold. The property is situated at 455 West 200 North in Hardware Village, adjacent to KBS’ historic Salt Lake Hardware Building.
KBS’ Rod Richerson says, “Considering how hard it is to close deals during the current economic environment, this sale was a major accomplishment but we worked diligently with the buyer over the last couple of months to see it through. We hit a particular challenge when they lost their lender at the last moment, so KBS provided short-term market rate seller financing to help Oakmont Properties complete the transaction.”
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