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Argosy and CW Urban to develop class-A multifamily property in Salt Lake City
Real Estate - JULY 16, 2019

Argosy and CW Urban to develop class-A multifamily property in Salt Lake City

by Kali Persall

Argosy Real Estate Partners (AREP), in partnership with Utah-based luxury townhome developer CW Urban, has acquired a 0.9-acre parcel of land for a planned class-A multifamily property in downtown Salt Lake City, according to a spokesperson for the firm.

The transaction amount was not disclosed at the time of publication.

The asset known as The Beverly will consist of four buildings, each four stories tall, containing a total of 48 boutique, luxury units, which will include a mix of traditional floor plans and oversized penthouse units with large patios, according to AREP.

Located near the heart of downtown Salt Lake City, The Beverly is within one block of the Gateway Mall, two blocks west of Vivint Arena and close to numerous restaurants, entertainment venues and landmarks. The building marks AREP’s third investment in its Qualified Opportunity Zone portfolio.

The latest acquisition gives the partnership the opportunity to expand an existing QOZ investment in one of the fastest growing metropolitan areas in the United States, according to AREP.

The partnership previously acquired The Birdie, a six-floor, 70-unit planned residential development, located at 218 South 200 East in Salt Lake City.

The firm expects construction on The Beverly to commence by October, with completion slated for spring 2021.

 

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