BLUFFDALE, Utah — Construction is underway on a 217-unit apartment building in Bluffdale after developer Six Ridge Partners secured joint-venture equity for the project. Real estate firm JLL, which arranged the financing, announced the deal on Oct. 1.
Highmark Construction is the general contractor, working under a guaranteed maximum price (GMP) contract. Under a GMP contract, the builder caps what the owner will pay for the agreed scope, which lenders and investors often want to see before they commit money. The project broke ground in September.
The building
The five-story, Class A project sits at 15580 Plentiful Way, inside the Independence at the Point master-planned community in southern Salt Lake County. Plans include:
- 217 units, from studios to three bedrooms, averaging 792 square feet
- 395 surface parking spaces
- A pool, spa, clubhouse and fitness center
- A co-working lounge, theater and game room
- A rooftop deck facing the Wasatch Range and downtown Salt Lake City
JLL lists an average rent of about $1,558 a month. The release did not name the architect or break down the unit mix.
Timeline
Milestone | Date |
|---|---|
Groundbreaking | September 2026 |
First units delivered | August 2027 |
Full completion | February 2028 |
Stabilized occupancy (target) | August 2028 |
The financing
Six Ridge Partners already owned the land free and clear and had full entitlements and approvals in place before seeking equity. JLL's Equity Advisory team, led by Senior Managing Director Chris Gandy with Kevin Barron and Ellie Savage, found a joint-venture equity partner. The release did not name the investor or say how much was raised.
Gandy said the project stood out because it pairs strong population growth with little competing apartment supply nearby.
Why Bluffdale
JLL's pitch for the site leans on growth. According to the firm, the population within one mile of the project grew 482% from 2010 to 2025. JLL also says average household incomes in the area top $170,000, average home values are about $725,000, and renting costs 61% less than owning in the submarket.
The site is about 23 miles from downtown Salt Lake City and five miles from the Silicon Slopes tech corridor. JLL notes that Bluffdale has seen little new institutional-quality apartment construction in recent years.
Who's behind it
Six Ridge Partners, formerly Dakota Pacific Real Estate, was founded in 2010 and focuses on the Intermountain West. The firm says it has invested $575 million in equity across projects worth about $1.5 billion, working with local construction, design, engineering and property management firms.
For trades in the south valley, the project is active now. With Highmark running the job and first units due in about 10 months, subcontract work should continue through 2027 and into early 2028.