March 4, 2021

Argosy Real Estate Partners Invests in the Development of The Pearl at North Shore

We are pleased to announce that Argosy Real Estate Partners has closed on the off-market land acquisition for the development of The Pearl at North Shore, a 208-unit build-for-rent community located on a prime six-acre lakefront parcel within the Daybreak Master Planned Community in the South Jordan submarket of Salt Lake City, UT.  In 2020, Daybreak was the fifth fastest selling master-planned community in the US according to RCLCO and was named the 2019 Masterplan Community of the Year by the Pacific Coast Builders’ Conference due to its varied and unique homes, community design, rail and highway accessibility, trails, and commercial uses.

The Pearl will be the first rental community within Daybreak that contains both apartments and townhomes and will capitalize on the large number of families and individuals who want to live within Daybreak but are unwilling or unable to purchase a home.  The development will be phased, and once complete, will contain 119 two- and three-bedroom townhomes as well as 89 apartment units across three wood frame three- to five-story apartment buildings.  The project will be highly-amenitized and feature luxury finishes that will provide differentiation from the existing Class A supply.

The investment will be made alongside CW Urban, an experienced developer with in-house design and construction teams focused on high-end multifamily and townhome development in the Salt Lake City market. CW Urban is Argosy’s existing operating partner on The Beverly and The Birdie, two Qualified Opportunity Zone multifamily developments that will be delivered in 2021.  The seller is Daybreak Communities, which will contribute the land as equity and remain an investor in the venture.