Equity secured for multifamily development in Salt Lake City suburb

SALT LAKE CITY, Oct. 1, 2026 -  JLL Capital Markets announced today that it has secured an equity placement for a 217-unit, Class A multifamily development in Bluffdale, Utah.

JLL represented the developer, Six Ridge Partners, in securing the joint venture equity for the project, which broke ground in September.

Located at 15580 Plentiful Way, the development sits within the Independence at the Point master-planned community at the geographic midpoint of Utah's Wasatch Front. The five-story, mid-rise property is strategically positioned 23 miles from downtown Salt Lake City, five miles from the Silicon Slopes tech corridor and minutes from world-class skiing in the Wasatch Range.

Bluffdale has experienced extraordinary demographic growth, with the population within one mile of the project surging 482% from 2010 to 2025. The area boasts average household incomes exceeding $170,000 and average home values of approximately $725,000, creating a compelling 61% cost advantage for renting versus homeownership in the submarket.

The community will feature 395 surface parking spaces and an extensive amenity package including a pool, spa, clubhouse, fitness center, co-working lounge, theater, game room and a rooftop deck offering views of the Wasatch Range and downtown Salt Lake City. The project's unit mix ranges from studios to three-bedroom apartments, with an average unit size of 792 square feet and average monthly rent of $1,558.

The Bluffdale submarket has seen minimal new institutional-grade multifamily supply in recent years, positioning the development to capitalize on pent-up demand in one of Utah's fastest-growing submarkets.

JLL Capital Markets' Equity Advisory team representing the developer was led by Senior Managing Director Chris Gandy, Senior Director Kevin Barron and Associate Ellie Savage.

"This project represented a compelling opportunity in one of the nation's strongest growth markets," said Gandy. "The combination of exceptional demographics and limited competing supply in Bluffdale creates a unique investment profile in this rapidly expanding market."

The project is expected to deliver its first units in August 2027, with full completion in February 2028 and stabilization by August 2028. Six Ridge Partners currently owns the land free and clear, has secured full entitlements and approvals, and has an executed guaranteed maximum price contract with Highmark Construction.

Utah's selection to host the 2034 Winter Olympics is expected to serve as an additional catalyst for growth and investment in the region, with the event projected to generate $6.6 billion in economic impact and create tens of thousands of new jobs.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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