SALT LAKE CITY, UT - JF Capital, a Utah-based real estate investment management and development firm, has secured debt and equity funding to commence construction on a $28 million luxury apartment development in downtown Salt Lake City.
The 158-unit building, called The Bonneville, will feature a long list of on-site amenities to complement the property's highly desirable Central City neighborhood location (260 South and 500 East). The area offers convenient access to mass-transit, shopping, restaurants and Salt Lake City's vibrant nightlife.
"We designed The Bonneville with young professionals and city dwellers in mind," said Adam Paul, Operating Partner of JF Capital's multi-family division. "The vibrant location, modern architecture and unique features will set a new standard for downtown living."
Strategic Builders has been selected as the general contractor and is expected to begin construction on The Bonneville after a groundbreaking ceremony on Thursday, August 20. The seven-story building should take approximately 14 months to complete.
Residents will have the choice of studio, one-bedroom, or two-bedroom apartments ranging in size from 575 to 1,140 square feet. The Bonneville will also provide occupants creative spaces to entertain guests both indoors and outdoors, including a luxurious clubroom, game room, Wi-Fi coffee lounge, fitness center, private yoga studio, outdoor over-sized Jacuzzi, outdoor fireplace lounge and an off-leash dog park.
"We understand what downtown residents want in a multi-family community," said Owen Fisher, Managing Partner of JF Capital. "At The Bonneville, we've planned for common areas where you can fix your bike, wash and groom your pet, hold a meeting in a conference room or cook in a demonstration kitchen."
For JF Capital's investors, the Class "A" luxury development provides nearly 125,000 square feet of rentable space that is expected to generate an attractive return on invested capital.
"The Bonneville is an attractive opportunity for our real estate investors," said Alan Lewis, who heads up JF Capital's private equity platform. "We've fine-tuned our investment strategy, as demonstrated by our other two recent downtown apartment projects that delivered investor returns that significantly exceeded our initial projections."
Earlier this month, JF Capital closed a $19.3 million construction loan with KeyBank for The Bonneville to supplement the $8.5 million of existing project equity, which consists of investments from local high-net-worth individuals, JF Capital's affiliates and a lead investment from a real estate private equity firm based out of Washington, D.C.
JF Capital is a long-tenured player in Utah's real estate landscape and has developed nearly 600 units in the Salt Lake City area with an additional 900 units in its development pipeline.