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.
Players
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