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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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Six Ridge Partners (formally known as Dakota Pacific Real Estate) has a 16-year track record as a fiduciary investor, having invested $575 million in equity commitments representing approximately $1.5 billion in real estate value since its founding in 2010. The firm's Intermountain West focus has led to sound market knowledge and experienced partnerships with best-in-class local construction, architectural, engineering and property management firms.