CW Urban has broken ground on property located at 45 South 600 West and is constructing a multi-family building called The Beverly.
The Beverly will consist of four buildings, each four stories tall, containing a total of 48 units. The property is within one block of the Gateway Mall, two blocks west of Vivint Smart Home Arena and convenient to numerous restaurants, entertainment venues and Salt Lake City landmarks.
“The Beverly will fill a niche in the downtown market, offering larger boutique apartments that are well differentiated from the existing supply, and will include a mix of traditional floor plans and oversized units with large patios to accommodate families,” said Darlene Carter, Division President of CW Urban.
The 0.9-acre parcel provides the opportunity to expand an existing Qualified Opportunity Zone (“QOZ”) investment by the partnership in one of the fastest-growing metropolitan areas in the United States. The Beverly represents the third investment in AREP’s QOZ portfolio, together with the Birdie and a Curio hotel in Scottsdale, Arizona.
The Salt Lake City economy continues to thrive with an unemployment rate of 3.1% and population growth of 1.4% per annum (approximately double that of the national average). Downtown Salt Lake City is the premier hub for dining, entertainment, and shopping within the Salt Lake City MSA. Despite a recent increase in multifamily deliveries, there remains a deficit of luxury units in the market.
Based in Centerville, Utah, CW Urban is an urban real estate developer specializing in the construction of urban in-fill townhomes, condos and apartments. Its core team of industry professionals has a wealth of experience in home construction and land development. The company prides itself on crafting superior residences and is currently building some of the trendiest residential projects in the urban core. The CW Urban team is embodied by a group of young, professionals already seasoned by years in the industry. Visit: builtbycw.com