Harvest at Marmalade

Salt Lake City, UT
252 units

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Risk Profile



Ethos Investments

Date Aquired

May 2022

Total Equity


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$25,000 minimum investment
Certain data and information discussed below is sourced from third party sources. Please review the investment memorandum for specific sourcing information.


Built in 2022, Harvest at Marmalade (the “Asset”) is a 252-unit, soon to be completed multifamily asset, with an additional 4.7k sf of retail space, located in the Marmalade District of Downtown Salt Lake City, Utah. Cadre is partnering with Ethos Investments (“Sponsor”), to acquire the Asset at Certificate of Occupancy. We were attracted by the potential to purchase a brand new, high-quality asset with upside through accelerated lease-up in the high-growth Salt Lake City market, alongside an experienced partner with local and asset-level expertise.

Key Investment Highlights

Vibrant Location, Adjacent to the Urban Core

The Asset’s location in Downtown SLC, near entertainment, shopping, and dining attractions, is a draw for renters attracted to a live/work/play lifestyle, especially those with high-paying jobs downtown. The area is home to the city's most prominent office towers and is the center of the financial sector, with companies like Goldman Sachs, Fidelity Investments Regional HQ, and Zions Bank Corporate HQ.

Downtown Salt Lake City’s office market is experiencing a resurgence of new development with over 1.1mm sf of office development or adaptive reuse projects underway and numerous others in planning, implying a projected increase of ~6k jobs downtown. Other Downtown SLC employment drivers include its growing tech, biotech, and life science presence. The Asset’s microlocation in the Marmalade District offers a differentiated feel from the heart of downtown: Marmalade is a charming, character-rich neighborhood with architecturally diverse historic homes that is readily accessible

New Construction with Upside Potential

The underwriting assumes leasing up the Asset by Q3 2023. As of May, the Asset’s prospect list had grown to nearly 300 active leads. Of those, eleven had already submitted applications at rents in-line with underwriting. Based on the significant demand even before being able to show off the completed Asset, traffic is estimated to increase upon achieving Certificate of Occupancy.

Experienced, Minority-Owned Sponsor

Ethos is a vertically integrated company with in-house acquisitions, asset management, and development capabilities, along with deep relationships with public housing agencies and state and local housing departments. The founders have worked on $850mm in transaction volume across 14 investments including the development of more than 700 units in Salt Lake City, and most notably, the development of Harvest at Marmalade. Their local expertise, key market relationships, and knowledge of the Asset as its developer will allow for a seamless transition at acquisition and successful lease-up.

Partnering with Ethos, a minority and woman-owned firm, to bring this deal to our platform reflects Cadre's efforts to build a more inclusive, accessible real estate ecosystem.

Attractive Market Dynamics

Driven by its business-friendly environment, diverse economy, and strong growth engines in technology, financial services, and biotech/medical industries, Salt Lake City has been a nation leader in job and population growth.

  • Rapidly Growing Affluent Population: Salt Lake City experienced population growth of 6.7% between 2015 and 2020, more than 2x the national average. Median household incomes also topped the national average by $12k or nearly 20%. The surrounding demographics position the market for even more growth: Utah has the youngest population in the nation with a median age of 31 as well as a highly-educated talent pool with over 200k students in the metro at major universities like University of Utah and Brigham Young.
  • Strong Employment Trends: Even in the course of the pandemic, the Salt Lake City market posted average employment growth of 2.7% annually from 2019-2022, more than 5x the national average of 0.5%, faring significantly better and rebounding quicker than the nation as a whole amid COVID-related disruptions. SLC also boasts the lowest unemployment rate of the top 50 largest markets in the country, sitting at just 2.1% as of March 2022, compared to 3.6% nationally.
  • Strong Trends Drive Rent Growth: The SLC multifamily sector has benefitted from this influx of jobs and people to the market, evidenced by record-breaking rent growth of 18.5% in 2021 with occupancies at 95.2%.
  • Close Proximity to Several Resorts: With 6 world-class resorts within a 45-minute drive of the market (including Park City and Deer Valley), and immediate access to year round recreation like hiking, camping, and water sports, SLC has become one of the most popular cities for permanently remote workers.

Business Plan

Our business plan calls for leasing-up Harvest at Marmalade, which we expect to be completed by Q3 2023. Post-pandemic, the Downtown SLC market absorbed 140% of new supply in just the past 12 months and there are few available units currently in the market, giving us confidence in the underwritten lease-up pace. The Charli, the most recent delivery in the comp set, is projected to stabilize 7 months after opening.


About the Opportunity

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About the investment process

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Harvest at Marmalade

Purchase Price


Total Equity


Underwritten Hold Period

3 years

Deal Details
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