KBS sells luxury apartment community in Salt Lake City

KBS has sold Hardware Apartments, a 463,956-square-foot, class A luxury 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 with the first phase of 267 units — Hardware West — being completed in June 2018. The sale was concluded shortly after Phase II was completed on Hardware East, which comprises the remaining 186 units of the community. Hardware Apartments is situated in Hardware Village, adjacent to the historic Salt Lake Hardware Building, which is also part of the KBS portfolio.

“We are very strategic about when and where we do ground-up construction, but being active investors for well over a decade in the [Salt Lake City] market, we thought this would be a successful venture,” said Rich Richers