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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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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.