CHICAGO--(BUSINESS WIRE)--An affiliate of Walton Street Capital, L.L.C. (“Walton Street”) announced that it has acquired a 95-unit boutique apartment community located at 385 South 400 East in Downtown Salt Lake City, UT (“Quattro” or the “Property”). Quattro was acquired in a partnership with ETHOS Real Estate, a real estate operating platform with a long track record of developing and investing in multifamily housing in the Western U.S.
Built in 2020, the Property features a mix of studio, one, two, and three-bedroom apartments that are currently 99% leased, along with 2,300 square feet of ground floor retail space. Unit amenities include quartz countertops and backsplashes, stainless-steel appliances, wood-style flooring, private balconies, full-size washers/dryers in-unit, large closets, and city and mountain views. Community amenities feature a rooftop observatory and patio with grill stations and fire pits, clubroom with gourmet kitchen and speakeasy lounge, Zen garden with hanging beds, spin room, yoga studio and group fitness gym, saunas and a fully-automated parking garage.
Located in Salt Lake City’s CBD, Quattro is within three blocks of three UTA TRAX light rail stations providing convenient access to employment centers, retail options, and entertainment destinations including City Creek Mall, Salt Palace Convention Center, Vivint Arena, and Temple Square. The Property is surrounded by many up-and-coming multi-use developments and boasts direct access to popular skiing and other mountain recreational activities.
“We have been strong believers in the Salt Lake MSA for several years and are excited to add to our existing investments in the market. We believe Utah will continue to see strong demand growth given favorable population trends and high quality of life,” said Andrew Gindy, Senior Principal at Walton Street.
“Quattro represented an attractive opportunity to acquire a well-leased, high-quality asset in an infill location within Salt Lake City’s urban core,” said Robert Bloom, Managing Principal at Walton Street.
About Walton Street Capital, L.L.C.: Walton Street is a private equity real estate investment firm that, since its inception in 1994 through its affiliates, has raised over $14 billion of capital commitments from a broad cross-section of sophisticated institutional investors. Walton Street’s principals have collectively acquired, financed, managed, and sold over $50 billion of real estate and have an average of 20 years of real estate industry experience. Senior management has collectively invested and managed both real estate equity and debt through several real estate cycles over five separate decades and more than 40 years, forging long-term and deep relationships with lenders, public and private real estate owners, operators, brokers, managers, and industry service providers.
About ETHOS Real Estate: Founded in 2021 by the former leadership team of Watt Investment Partners, ETHOS focuses on providing a spectrum of housing solutions, including the development and acquisition of market rate housing and the preservation and creation of affordable housing. ETHOS is a trusted partner to public agencies and communities seeking to address their housing needs, with a mission to create positive change and a new narrative for residents, communities and the housing system.
