Three mid-rise apartment communities across Ogden and Salt Lake City, totaling 257 units, have sold in a deal that brought a California-based apartment owner into the Utah market. The properties include Ogden's 148-unit View on 20th along with Salt Lake City's 61-unit theRANDI and 48-unit theBEVERLY, and the transaction terms were not released.
Who Bought What, According to Competing Reports
According to Utah Business, the buyer was Veritas Investments, together with its capital partner Refound Residential. Northmarq represented the sellers in all three transactions, the outlet reports. Veritas Investments was founded in 2007, according to the same report, and manages mixed-use and multifamily properties.
A separate account complicates the picture. Connect CRE identifies Seattle-based Lake Washington Partners as the purchaser of the same three properties, describing the acquisitions as the firm's first assets in Utah. The two accounts name different buyers for the same deal, and the discrepancy has not been resolved in available reporting.
Inside the Three Properties
theRANDI was built in 2022 and consists of 61 upscale apartment homes, per Connect CRE's reporting. theBEVERLY, built in 2021 at 63 S. 600 W. in Salt Lake City, offers 48 upscale apartment homes, the outlet notes. Both properties sit in the city's downtown core, while The View on 20th is a 148-unit community at 283 Park Blvd. in Ogden, built in 2015, according to the same report.
theRANDI also carries more than 1,200 square feet of ground-floor retail space, which housed The Block Barbershop when Building Salt Lake reported on the properties hitting the market. That outlet's companion report on the completed sale, titled West Coast investors buy pair of Downtown buildings, plus Ogden’s View on 20th, adds further detail to the transaction record.
A Market Where Vacancy Is Tightening — Except Downtown
The sale lands amid a Salt Lake City multifamily market that Northmarq describes as improving heading into the back half of 2026. Nine of the metro's 11 submarkets recorded vacancy compression from the previous quarter, the firm reported in its Q2 2026 market outlook. Rents posted their largest quarterly increase in years during the same period, moving closer to year-earlier levels, and the local labor market added 12,000 jobs over the prior 12 months, per the report.
Downtown Salt Lake City remains the outlier, however. The submarket posted the region's highest vacancy and accounted for roughly a third of the metro's vacant units, Northmarq's report states — a dynamic relevant to two of the three properties in this deal, since theRANDI and theBEVERLY both sit in or near downtown. Northmarq projected the metro vacancy rate could edge up to 7.1% by year-end as downtown construction continues to deliver and lease up, with asking rents expected to finish the year near $1,600 per month.
How the Deal Fits Into a Rebounding Sales Market
Metro multifamily sales volume fell from $2.5 billion in 2022 to $501 million in 2023 before recovering to $1.23 billion in 2024 and $1.15 billion in 2025, Northmarq's data shows, as cited in Building Salt Lake's separate report on a record Utah County apartment sale. The Wasatch Front's year-to-date average multifamily sale price reached $230,200 per unit by the second quarter of 2026, with half of that quarter's transactions involving older Class C properties that mostly traded below $4 million in secondary markets including Ogden, per Northmarq.
That context makes the Ogden-to-downtown spread in this deal notable, since newer mid-rise assets like theRANDI and theBEVERLY typically command different pricing than the older Class C stock dominating smaller secondary-market trades. For comparison, Weidner Apartment Homes recently paid $130 million, or roughly $295,000 per unit, for the 440-unit Seasons of Traverse Mountain in Lehi — a price well above the Wasatch Front's year-to-date average, Building Salt Lake reported.
No sale prices for The View on 20th, theRANDI, or theBEVERLY have been disclosed. The deal brings 257 units across Ogden and Salt Lake City under new ownership, as downtown construction continues to deliver and lease up.
