Northmarq arranges landmark $149M sale of Sugarmont Apartments in Salt Lake City

SALT LAKE CITY — Northmarq’s Salt Lake City Multifamily Investment Sales team, led by Mark Jensen, Rawley Nielsen and Darren Nielsen, has successfully brokered the $149 million sale of Sugarmont Apartments, a 341-unit, Class A mid-rise community located in the heart of Salt Lake City’s highly sought-after Sugar House neighborhood.

Northmarq represented the buyer, Centerspace (NYSE: CSR), a publicly traded REIT making its first multifamily acquisition in the Utah market. The seller was Cottonwood Communities, Inc., a publicly-registered, non-listed REIT, with headquarters in Salt Lake City, Utah. Cottonwood was also retained by CSR as property manager.

“This transaction marks a major milestone for the Utah multifamily market,” said Jensen, managing director at Northmarq. “With very few institutional trades in recent years, our ability to source and close this off-market opportunity with a first-time Utah buyer speaks to the strength of the location, the unique quality of the asset, and belief in the long-term growth prospects of the Salt Lake City region.”

Built in 2021, Sugarmont Apartments features a mix of studios, one-, two-, and three-bedroom units, along with spacious walk-up townhomes. Residences offer upscale finishes such as quartz countertops with mosaic tile backsplash, smart home features, private balconies, walk-in closets, and luxury plank flooring.

The property’s community amenities include a resort-style pool and spa, two landscaped courtyard terraces with firepits and grills, a state-of-the-art fitness club and yoga studio, a pet park, and a stylish resident clubhouse.

Located at 2191 S McClelland Street, Sugarmont Apartments offers unparalleled walkability and transit access via the S-Line streetcar and Interstate 80. It sits just six miles from downtown Salt Lake City and within easy reach of world-class ski destinations such as Snowbird, Alta, and Park City.

This sale represents the largest multifamily transaction in Utah in nearly five years and the first direct acquisition by a publicly traded REIT in the Utah apartment market —underscoring investor demand for well-located, institutionally maintained multifamily assets in high-growth Western metros.