Colliers International is pleased to present the opportunity to acquire Pauline Downs, a multifamily property consisting of 112 total units between four buildings (the Pauline, Embassy Arms, Embassy, and Downing). Originally built in stages from 1907–1931, the buildings were last renovated in 1995, maintaining its old world, historic charm with modern amenities.
After the 1995 renovations, Pauline Downs was placed in the Low Income Housing Tax Credit (LIHTC) Program with a commitment beginning at that time of 99 years, which requires units to be rented to tenants who qualify as “low income,” as defined by HUD.
In May 2020, the Embassy Apartments building experienced a major fire, making its 32 units currently unrentable. This presents a new owner with a variety of potential options to add substantial value to the project via the Embassy building. Potential options may include a full renovation, a potential rebuild, a rebuild with additional units, and/or a potential for new or additional tax incentives associated with the project.
With a best-in-market location, much of the property currently rented significantly below its maximum allowable rents, and opportunity presented by the units at Embassy Apartments, Pauline Downs presents a new owner with significant upside in both the near and long terms.
- 278 East 100 South and 120, 130, & 136 South 300 East,, Salt Lake City, UT 84111