Ascent at Marmalade is a 71-unit multifamily community

Ascent at Marmalade is a 71-unit multifamily community situated on a 1.9-acre site at the northwest corner of 200 West and 400 North in Salt Lake City, Utah, within the city’s historic Marmalade District. Originally constructed in 1953 and renovated in 2016 and 2022, the property consists of seven two- and three-story buildings offering a well-balanced mix of one- and two-bedroom floor plans, with an average unit size of approximately 895 square feet. The community includes 91 parking spaces comprised of a mix of covered and surface stalls.

The property is currently operating at approximately 88.7% occupancy, presenting a clear lease-up opportunity and the ability to drive revenue growth through improved operations and continued interior enhancements. Average in-place rents of $1,339 per unit ($1.48 PSF) further support the opportunity to increase income as occupancy stabilizes.

Property amenities include on-site management, a laundry facility, picnic area, and outdoor gathering spaces with a BBQ area, pergola, and fire pit. Unit features include stainless steel or black appliances, washer/dryer in select units, walk-in closets, quartz countertops in renovated units, spacious layouts, and abundant natural light. Residents benefit from a highly walkable location with convenient access to Salt Lake City’s primary employment, retail, and cultural destinations, including City Creek Center, Capitol Hill, Temple Square, and the University of Utah.

The Marmalade neighborhood surrounds Ascent at Marmalade with a unique blend of historic character, walkability, and neighborhood charm. Residents enjoy convenient access to local coffee shops, dining, boutique retail, and everyday conveniences, along with nearby cultural attractions and community amenities. This highly desirable setting appeals to a broad renter base, including young professionals and families seeking an authentic and connected Salt Lake City living experience.

The property is currently under the oversight of a court-appointed Receiver who has implemented a stabilization plan and addressed key operational and life safety items. Eight units are currently offline due to a localized site condition, with engineering reports in progress to support remediation and return to service. An additional two units require renovation, providing further value-add upside.