Updated Jun 19, 2025
Centerspace Acquires Sugarmont Apartments In Salt Lake City For $149 Million From Daniel Shaeffer
2191 Mcclelland Street
$149,000,000
Units
341
Asset Type
MultiFamily
Closing
Jun 18, 2025
About this deal
AI
Centerspace has acquired Sugarmont Apartments, a multifamily asset located at 2191 South Mcclelland Street in Salt Lake City, UT, for $149,000,000. The property comprises 341 units, leading to a price per unit of $436,950.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $149,000,000
- Buyer: Centerspace
- Seller: Daniel Shaeffer - Cottonwood Communities Inc
- Units: 341
- Price Per Unit: $436,950
- Market: Salt Lake City, UT
- Sale Date: 06/18/2025
This transaction marks Centerspace's debut in Utah and is recognized as the largest multifamily deal in the state in nearly five years.
On the Map
$149,000,000
MultiFamily
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Salt Lake City MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93