RK Properties announced the sale of Pinnacle Ft. Union located in Salt Lake City. The sale was facilitated by RK Properties on behalf of one of its 1031 Exchange (Tenant–in-Common TIC) investment programs and the RK Multifamily Income Fund XV.
The property sold for $31.75 million a premium to the investors’ December 2004 purchase price of $17 million.
Built in 1996, the class A asset of 160-units offers one-, two- and three-bedroom floor plans. Property amenities include swimming pool, hot tub, fitness center, clubhouse with business center and fireplace, garages with openers and a creek-side picnic area with barbeques.
