Located just north of Downtown Salt Lake City is “The Ashwell”, a 27-unit multifamily property situated in the charming and historical Marmalade District, which is well-known for its array of vintage residential buildings mixed with many upcoming developments. This places The Ashwell not only close to the many dining, shopping, and cultural amenities available downtown, but it is also just minutes away from Highway 89 and Interstate 15, providing easy access to all the Salt Lake Valley has to offer.
In the few years leading up to 2018, the previous owner of the rebranded “The Ashwell” (previously known as “Cliffside Apartments”) renovated the property to include a substantial improvement of structural supports, interior finishes, new appliances, utilities upgrades, and more. Since 2018, the current owner has continued adding significant value to the property by upgrading every unit to include in-unit washer/dryer hook-ups and brand-new full-sized stackable washers & dryers.
Additional recent upgrades at The Ashwell include enclosed covered parking, a completely renovated exterior with a new, modern aesthetic, and an improved facade with a prominent modern wood design, giving The Ashwell a cool, contemporary look and a strong sense of place. Two upper floor units have been completely remodeled, including the kitchen front, painted cabinetry, new countertops, new flooring, and refreshed color palette. Additionally, some renovation work has been done on the lower seven units, such as new doors with metal lanterns on top and covered parking with direct access to those seven units, which have been very popular and yielded higher rents.
For more details on additional new upgrades of some of the units and the substantial rent increases in those units, please see page 9 of the offering memorandum.