9 Loft Design Apartment Zagreb

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SALT LAKE CITY–(BUSINESS WIRE)–KBS, one of the better investors in arch bartering absolute acreage in the nation, appear today that it has awash Hardware Apartments, a 463,956 square-foot, Class A affluence resort-style accommodation association in the Salt Lake City absolute acreage market. The property, endemic by KBS Absolute Acreage Advance Trust III, was awash in an off-market transaction to Oakmont Backdrop for an bearding amount.

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KBS and Salt Development began ground-up architecture on the 453-unit multifamily acreage in mid-2016 with the aboriginal appearance of 267 units – Hardware West – actuality completed for the asset in June 2018. The auction was assured anon afterwards Appearance II was completed on Hardware East, which comprises the absolute 186 units of the community. Hardware Apartments is anchored in Hardware Village adjoining to the celebrated Salt Lake Hardware Building, which is additionally allotment of the KBS portfolio.

The development action represents KBS’ all-encompassing compassionate of the Salt Lake City bazaar and the firm’s adeptness to advantage its abysmal adeptness in markets throughout the country, according to Rod Richerson, bounded president, Western United States for KBS.

“We are absolute cardinal about back and breadth we do ground-up architecture but actuality alive investors for able-bodied over a decade in the bazaar we anticipation this would be a acknowledged venture,” says Richerson. “We accept several appointment assets in Salt Lake City, including the Salt Lake Hardware Building, 222 Main, Millrock Park and Parkside Tower. Considering how adamantine it is to abutting deals during the accepted bread-and-butter ambiance this auction was a above adeptness but we formed agilely with the applicant over the aftermost brace of months to see it through. We hit a accurate claiming back they absent their lender at the aftermost moment so KBS provided concise bazaar amount agent costs to advice Oakmont Backdrop complete the transaction.”

Salt Lake City is an ideal fit with KBS’ accurate action of advance in key advance markets civic with solid bread-and-butter fundamentals, adds Tim Helgeson, asset administrator for Hardware Apartments and chief carnality admiral for KBS.

According to CBRE’s appointment address in Q1 2020, the Salt Lake City-Provo appointment bazaar captivated 196,654 square-feet on net – a aerial for Q1 over the accomplished two years. The affluence of admission accumulation (over 3.0 actor square-feet) with abundant preleasing reaffirms that there is still able aplomb in the Salt Lake-Provo marketplace.

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Anchored abreast the affection of city Salt Lake City, Hardware Apartments action a audible array of penthouses, lofts, studios, one- and two-bedroom affluence apartments, townhomes and beauteous brownstone row houses.

A advanced fettle center, yoga room, and a resort affection rooftop lounge with an beyond basin are amid the affluence accepted amenities at the property, authoritative it one of the highest-level amenities bales in the area, according to Helgeson.

“This development’s arch architecture and unparalleled burghal finishes advertise the abyss of absorption KBS pays to every aspect of the backdrop in its applicant portfolio,” says Helgeson. “We accept apparent a access up in leasing angry to the contempo achievement of architecture on the additional appearance of this altered community.”

KBS partnered with bounded developer SALT on the development of this project. “Hardware Village’s ideal location, accumulated with KBS’ abysmal adeptness of the Salt Lake City bazaar and unparalleled clue almanac of acknowledged backdrop in city areas throughout the country, encouraged us to accomplice with the close on this project,” says Thomas Vegh, admiral and CEO of SALT. “KBS larboard no bean unturned in ensuring that Hardware Apartments would be a multifamily association of the finest affection in city Salt Lake City, which fabricated the affiliation a win-win for both companies.”

Hardware Apartments is amid accomplish from the TRAX ablaze rail, City Salt Lake City, Trolley Square and Liberty Park, and is affiliated to all above thoroughfares, application centers, arts and ball in the Salt Lake City market. The acreage is aural walking ambit of restaurants, shops and retail stores.

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“We anon accustomed the amount of this asset for its high-end amenities and prime location,” says Ryan Ashley of Sacramento, California-based Oakmont Properties. “Hardware Apartments is acutely positioned in the able-bodied city Salt Lake City bazaar to actualize an affected active acquaintance clashing any added in the area.”

Attorneys Bruce Fischer, Tatyana Litovsky and Chrisdo Fan, and paralegal, Amanda Kennedy, of all-around law close Greenberg Traurig, LLP’s Orange County appointment represented KBS as acknowledged admonition in the disposition.

“We were absolute admiring to represent KBS in what was a absolutely a altered disposition of Hardware Apartments.” said Fischer, Greenberg Traurig’s Chair of the West Coast Absolute Acreage Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team.

Hardware Apartments is amid at 455 West 200 North in Salt Lake City, Utah.

Amuse acquisition photos of Hardware Apartments here.

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About KBS

KBS is one of the better investors of arch bartering absolute acreage in the nation. As a clandestine disinterestedness absolute acreage aggregation and an SEC-registered advance adviser, KBS and its affiliated companies accept completed transactional action of about $41 billion on account of clandestine and institutional investors globally. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime bartering absolute acreage in some of the best acknowledged epicenters in the country. The close is committed in its business ethics, its business relationships and its connected focus on beyond the expectations of its investors, ally and tenants. SEC allotment as an advance adviser does not betoken any accurate akin of accomplishment or training. For added advice on KBS, amuse appointment www.kbs.com.

This absolution may accommodate advanced statements aural the acceptation of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements apropos to KBS Absolute Acreage Advance Trust III’s adeptness to advance in and administer a assorted portfolio, and the achievement of Hardware Apartments and of the Salt Lake City, Utah absolute acreage market. These statements are accountable to accepted and alien risks, uncertainties and added factors which may account KBS Absolute Acreage Advance Trust III’s and/or Hardware Apartments’ absolute results, achievement or achievements to be materially altered from any approaching results, achievement or achievements bidding or adumbrated by such advanced statements. Allotment as an advance adviser does not betoken any accurate akin of accomplishment or training.

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