A real estate investment firm has lined up equity financing for a 217-unit apartment building rising in Bluffdale, with construction already underway inside one of the fastest-growing master-planned communities along the Wasatch Front. The project, located at 15580 Plentiful Way, sits within the Independence at the Point community near the Point of the Mountain, and ground broke on the site in September.
According to Building Salt Lake, the developer behind the project is Six Ridge Partners, a Cottonwood Heights-based real estate investment firm formerly known as Dakota Pacific, which began operating under its new name in spring 2026. The rebrand was meant to reflect the firm's strategic focus across six Intermountain West states — Utah, Idaho, Nevada, Montana, Colorado and Arizona — according to TownLift. Six Ridge arranged joint venture equity for the apartment building, though it did not identify the equity partner. A trust warranty deed identifies Principal Real Estate Investors as the equity partner, per county records cited in the Building Salt Lake report. JLL Capital Markets announced that its equity advisory team arranged financing for the project but did not disclose the amount raised.
Construction Loan and Timeline
First National Bank of Omaha provided a $33 million construction loan for the project, recorded in late August and maturing in August 2029, the report notes. Highmark Construction is serving as general contractor under a guaranteed maximum price contract, while Six Ridge owns the project land outright. Highmark has built similar developments across Utah, including the 144-unit Lex Apartments in Overlake and multi-phase apartment projects in Logan and Ogden, according to Utah Business Magazine; the contractor is also currently building a 200-unit apartment community in Layton.
Six Ridge describes the Bluffdale building, which it calls Independence Apartments, as workforce housing with market-comparable amenities, while JLL markets the property as Class A. The project will include studios through three-bedroom units averaging 792 square feet, with an average monthly rent of $1,558 — slightly above the Salt Lake City metro's average advertised rent of $1,525 per month recorded through early 2026, according to Yardi Matrix. Parking will include 395 surface stalls, roughly 1.8 stalls per unit.
Amenities and Delivery Schedule
Planned amenities include a pool, spa, clubhouse, fitness center, co-working lounge, theater, game room and rooftop deck. The first units are expected to open in August 2027, with full completion slated for February 2028 and stabilization projected for August 2028.
That delivery window lands amid a broader slowdown in Wasatch Front apartment construction. Multifamily deliveries across the region are projected to total around 9,000 units combined between 2026 and 2028, down sharply from more than 11,000 units delivered in 2024 alone, per Nxt Property Management. Even so, job growth in the Salt Lake metro has remained strong, supporting continued absorption of new units.
Chris Gandy, senior managing director at JLL, led the deal alongside Kevin Barron and Ellie Savage. “This project represented a compelling opportunity in one of the nation's strongest growth markets,” Gandy said, according to Building Salt Lake. The firm pointed to explosive local population growth to make its case: the population within one mile of the site rose 482% between 2010 and 2025.
Inside the Independence at the Point Community
The apartment building sits inside Independence at the Point, a 296-acre master-planned community developed by DAI Utah that is designed for roughly 1,900 total homes, including 749 single-family homes, 555 townhomes, 664 multi-family apartments and 27 acres of commercial space, according to DAI Utah. The community is centered along Porter Rockwell Boulevard near I-15. Independence at the Point is a separate project from The Point, Utah's state-led redevelopment of the former Utah State Prison site in Draper — a distinction worth noting given how often the two developments are confused due to their proximity and overlapping names.
Bluffdale's population reached an estimated 20,015 residents in 2026, growing at an annual rate of 2.61% with a median age of 30.6 and a median household income of $129,531, according to World Population Review. The city's population has grown more than 15% since the 2020 Census. S&P Global Ratings reported that Bluffdale's total build-out population is projected at roughly 40,000 residents, with the municipal water utility expanding its purchase agreement with Jordan Valley Water Conservancy District to keep pace with residential growth; the city currently serves around 5,500 water accounts.
Housing development east of Redwood Road has rapidly shifted Bluffdale's population center toward the I-15 corridor and the Silicon Slopes tech hub, according to a regional planning analysis from Utah Land Group. That shift has been reinforced by major transit investment nearby: the Utah Transit Authority and federal officials approved plans for a new FrontRunner commuter rail station in Bluffdale at The Point as part of a $1.3 billion regional transit expansion ahead of the 2034 Winter Olympics, connecting key employment hubs along the Wasatch Front.
A Growing Portfolio Beyond Bluffdale
Six Ridge Partners has invested roughly $575 million in equity since its 2010 founding, across approximately $1.5 billion in real estate value, per Building Salt Lake. Its other Utah projects include the mixed-use Kimball Junction development in Summit County, now rebranded Altus Park City, which has preliminary plans for an initial 155-unit affordable housing phase, according to TownLift. The firm, under its former Dakota Pacific name, also developed South City in South Salt Lake, which includes the Bowers Residences and a 150,000-square-foot office building sitting on more than 6 acres. Earlier in 2026, Six Ridge sold the Riverwoods Business Park in Provo, a three-building, 185,000-square-foot property.
