Two Firms Partner with Ethos Real Estate in Salt Lake City Acquisition
Cadre, BlackRock Impact, and Ethos Real Estate have acquired the 252-unit Harvest at Marmalade Apartments, emphasizing their commitment to diversity and affordable housing.
Cadre has joined forces with the BlackRock Impact Opportunities Fund to secure a 252-unit community in downtown Salt Lake City. This partnership collaborated with Ethos Real Estate to finalize the acquisition of the Harvest at Marmalade Apartments, purchased from an undisclosed seller for over $100 million, according to sources familiar with the transaction.
This acquisition underscores the commitment of both Cadre and the BlackRock Impact Opportunities Fund to foster diversity and inclusion within the real estate sector. For Cadre, the Harvest at Marmalade acquisition marks a significant step in promoting diversity in the industry, particularly through initiatives that focus on creating and preserving affordable multifamily housing.
Moreover, this investment aligns with Cadre's Direct Access Fund strategy, which aims to enhance community well-being by partnering with local, underrepresented, minority-owned operating partners throughout its portfolio. Similarly, the BlackRock Impact Opportunities Fund actively seeks investment prospects in undercapitalized companies and communities poised for growth, reinforcing their shared ethos of advancing diversity in real estate investment.