Oakmont Properties has acquired a 453-unit luxury apartment in US from a fund managed by private equity real estate firm KBS.

KBS said the Hardware Apartments in the Salt Lake City, owned by the KBS Real Estate Investment Trust III fund, was sold for an undisclosed sum.

KBS and Salt Development began construction on the 463,956sqft multifamily property in mid-2016 with the first phase of 267 units – Hardware West – being completed for the asset in June 2018.

The sale was concluded shortly after phase II was completed on Hardware East, which comprises the remaining 186 units of the community.

Rod Richerson, regional president, western US for KBS, said: “Considering how hard it is to close deals during the current economic environment this sale was a major accomplishment but we worked diligently with the buyer over the last couple of months to see it through.

“We hit a particular challenge when they lost their lender at the last moment so KBS provided short-term market rate seller financing to help Oakmont Properties complete the transaction.”

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