West Station Apartments

West Station Apartments

Salt Lake City, UT
County: Salt Lake

Kip Paul

Salt Lake City, UT
Direct: (801) 303-5555
Fax: (801) 322-2040

Additional Info & Materials

Building Information

Building Sq. Ft. 120,194
Land AC 3.06
Number of Units 145
Current Occupancy (%) N/A
Zoning N/A
Area North West
Status Existing
Year Built 2016
Parcel Number N/A
Parking 210
Floors 4
Buildings 1

Investment Summary

Cap Rate (%) N/A
Price/Unit N/A
Price N/A
Sale Conditions N/A
Price/SF N/A

Property Description

This Investment Offering provides the opportunity to acquire the 145-unit West Station Apartments, located in Salt Lake City, Utah. Completed in the fall of 2015, this Urban designed complex features contemporary, modern architecture and energy efficient building systems. Located directly between the Salt Lake International Airport and the CBD of Salt Lake City, the project boasts great visibility on North Temple and Redwood Road, which combined have an average daily traffic count of over 31,000 vehicles per day. Access to the I-80 Freeway is 3 blocks to the south, which in turn provides access to I-15, I-215 and the 201 Freeway within a few minutes’ drive time. In addition, a TRAX Light Rail stop is one-half block to the west, with another located one block east. This premium location provides numerous amenities and services to the tenancy.

Space Description

The modern architecture provides an urban feel and includes 9’ ceiling height, large walk-in closets, quality cabinetry and counter tops, washer and dryer in each unit, fire sprinklers, high speed internet, clubhouse and 24 hour fitness facility and secured parking and building entrances. Stabilized occupancy occurred in May, 2016 and currently stands at 96%. Existing and new leases are being executed at an average of $25 per unit per month more than the prior lease rate. Renewals are not offered any concessions. New tenants are offered a one time credit of up to $200, although only one concession was required for the last 6 new leases. Average In-Place rent is $1.39 psf, with new leases averaging $1.48 psf. In addition, the property is available without any restrictive debt in place, thereby allowing a purchaser to pay cash or structure debt as desired at the current historic low interest rates.
This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting, or leasing of the property described herein shall be conducted through this office. The above information while not guaranteed has been secured from sources we believe to be reliable.