JLL Secures Joint Venture Equity for Six Ridge Partners' 217-Unit Bluffdale Multifamily Project

SALT LAKE CITY — JLL Capital Markets announced Oct. 1 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.

The JLL Capital Markets Equity Advisory team representing Six Ridge Partners was led by Senior Managing Director Chris Gandy, Senior Director Kevin Barron and Associate Ellie Savage.

Project Details: Bluffdale Multifamily Development

The development is located at 15580 Plentiful Way within the Independence at the Point master-planned community. Six Ridge markets the property as Independence Apartments. The site sits at the geographic midpoint of Utah's Wasatch Front, about 23 miles from downtown Salt Lake City and roughly five miles from the Silicon Slopes tech corridor. Independence at the Point spans 296 acres and is planned for roughly 1,900 homes, including about 664 apartment units.

The property is a single five-story, mid-rise building. Its unit mix ranges from studios to three-bedroom apartments, with an average unit size of 792 square feet and an average monthly rent of $1,558. The community will include 395 surface parking spaces.

Planned amenities include a pool, spa, clubhouse, fitness center, co-working lounge, theater, game room and a rooftop deck with views of the Wasatch Range and downtown Salt Lake City.

Capital Stack and Development Timeline

Six Ridge Partners owns the land free and clear, has secured full entitlements and approvals, and has an executed guaranteed maximum price contract with Highmark Construction. In addition to the joint venture equity placed by JLL, the project carries a $33 million construction loan from First National Bank of Omaha, recorded Aug. 28, 2026, and maturing Aug. 27, 2029.

The first units are expected to deliver in August 2027, with full completion in February 2028 and stabilization by August 2028.

Bluffdale Submarket and Demographics

According to JLL, the population within one mile of the project grew 482% from 2010 to 2025. Average household incomes in that area exceed $170,000, and average home values are approximately $725,000. JLL said those figures translate to a 61% cost advantage for renting versus homeownership in the submarket.

The Bluffdale submarket has seen minimal new institutional-grade multifamily supply in recent years, according to JLL's announcement. Utah's selection to host the 2034 Winter Olympics is projected to generate $6.6 billion in economic impact and create tens of thousands of new jobs.

"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."

About the Firms

Six Ridge Partners, formerly known as Dakota Pacific Real Estate, is a fiduciary investor with a 16-year track record. Since its founding in 2010, the firm has invested $575 million in equity commitments representing approximately $1.5 billion in real estate value, with a focus on the Intermountain West.

JLL Capital Markets offers investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity and fund placement, net lease, derivative advisory and energy and infrastructure advisory. The group has more than 3,000 specialists worldwide with offices in nearly 50 countries. JLL Capital Markets' Utah activity also includes recent financing for Hamilton Logistics Center and Northpoint Innovation Park, both industrial properties in the Salt Lake City area.

Sources

JLL newsroom: https://www.jll.com/en-us/newsroom/equity-secured-for-multifamily-development-in-slc-suburb