SOURCE: Cushman & Wakefield | Commerce
SALT LAKE CITY, UT--(Marketwire - Feb 4, 2013) - Cushman & Wakefield |Commerce (www.comre.com) today announced that The Landing, an iconic apartment building formerly named the Charleston Apartments near the University of Utah, has been sold. The 12-story building, constructed in 1950, is located on the corner of 500 South and 1300 East in Salt Lake City and consists of 129 units.
Kip Paul, Executive Director of Investment Sales for Cushman & Wakefield | Commerce and Renaldo Hunt from RH Brokerage represented both the buyer and the seller in the transaction. The property was sold by 1300 East BRE, LLC and purchased by University Communities of Denver, Colo., which specializes in apartment complexes near universities for student housing.
"The Landing is Salt Lake City's oldest high-rise apartment complex," Paul said. "When this iconic building went up for sale, it drew a lot of attention and ended up being a highly competitive deal with multiple competing offers. This transaction demonstrates a vigorous, growing marketplace for such properties in this region."
Paul said the new owners have significant renovations planned for the property moving forward.
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About Cushman & Wakefield |Commerce
Cushman & Wakefield |Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is the world's largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world's major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly‐owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.