Wasatch Advantage Group and Strategic Multifamily have entered a joint venture agreement to construct a 122-unit luxury apartment complex at 150 S. 400 East in Salt Lake City.
The project, called CityScape Apartments, will include amenities such as a rooftop courtyard and spa, business conference center, dog park, outdoor fireplace and barbecue areas. Construction is scheduled to begin in the fall.
In 2007 and 2008, as vacancy rates in the Salt Lake Valley dipped below 5 percent, Wasatch Advantage Group and Strategic Multifamily saw the need for quality rental housing, according to company officials. During that time, Wasatch Advantage acquired land along the Wasatch Front sufficient to construct more than 2,500 apartment units, most of which have been built and leased.