Veritas Investments and its capital partner, Refound Residential, finalized the acquisition of three mid-rise apartment communities in Salt Lake City this week. The portfolio, which spans 257 units across Salt Lake City and Ogden, was sold by sellers represented by the Northmarq investment sales team led by Rawley Nielsen and Mark Jensen.
This transaction marks a strategic move for Veritas, a San Francisco-based firm founded in 2007, and Refound Residential, the multifamily division of Lake Washington Partners. By securing these assets, the buyers have gained immediate scale in two of Utah’s most active submarkets at a time when the region’s economic fundamentals continue to draw national attention.
The Portfolio Assets
The acquisition includes a mix of urban and suburban living options, each catering to the demand for modern, amenity-rich housing along the Wasatch Front. The properties involved are:
- The View on 20th: Located at 283 Park Blvd. in Ogden, this 148-unit community features a mix of one-, two-, and three-bedroom floor plans. Residents have access to a year-round spa, a pet-friendly bark park, and units equipped with in-home washers and dryers and nine-foot ceilings.
- theRANDI: Situated at 218 S. 200 E. in downtown Salt Lake City, this 61-unit property offers studio, one-, two-, and three-bedroom layouts. It is distinguished by high-end finishes, such as quartz countertops and hardwood flooring, along with building amenities including a rooftop deck and EV charging stations.
- theBEVERLY: Located at 63 S. 600 W. in downtown Salt Lake City, this 48-unit building provides residents with walkable access to entertainment, shopping, and the local TRAX transit station, further integrating the property into the city’s core infrastructure.
Institutional Investors Target Wasatch Front for Long-Term Growth
The decision to enter the Salt Lake City market reflects institutional investors targeting high-growth regions where housing supply has historically trailed behind population increases. According to Northmarq, the Wasatch Front has consistently seen job growth and in-migration metrics that outpace the national average.
Veritas & Refound saw an opportunity to enter the Salt Lake City market today at an attractive purchase basis, and to position itself for the long-term growth this region continues to deliver. The fundamentals along the Wasatch Front are hard to match. Job growth and in-migration have consistently outpaced national averages, and housing supply hasn’t kept up with demand over the long run. These three assets give Veritas & Refound immediate scale in both downtown Salt Lake City and Ogden, and they’re buying in at a point in the cycle that should reward patient capital. — Rawley Nielsen, Northmarq
For current residents, the shift in ownership to a technology-enabled operator like Veritas generally signals an emphasis on standardized management protocols and digital-first leasing experiences. While the physical amenities—ranging from the custom-curated finishes at theRANDI to the mountain views at The View on 20th—remain unchanged, the transition to a new management structure often marks the beginning of operational adjustments aimed at long-term asset performance.
