1241 North Lexington Greens Drive, Tooele, UT 84074 | Units: 204 | Year COMPLETED: 2025
Utah boasts one the strongest economies in the nation encouraged by business-friendly legislation and tax incentives. These incentives help businesses reduce their tax burden and increase their profitability, allowing them to reinvest in their operations, expand their workforce, and drive economic development.
Why Utah?
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
6955 S. Union Park Center
Suite 450
Midvale, UT 84047
Investment Sales
Salt Lake City OFFICE
CONTACT Us
DIANNE HODNETT
Associate
801.839.3168
dianne.hodnett@berkadia.com
UT GRE 11397334-SA00
GREG BARRATT
Senior Managing Director
801.532.4901
greg.barratt@berkadia.com
UT GRE 7001869-SA00
Mortgage Banking
Cameron Hart
Senior Director
512.226.8708
cameron.hart@berkadia.com
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UTAH RANKED #1 IN THE NATION - BEST
BUSINESS CLIMATE Schweitzer Engineering Laboratories — September '24
Investment Highlights
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Tooele’s population is projected to grow by 11.5% over the next five years, outpacing the Salt Lake Metro’s growth rate of 5.2% for the same period. The estimated household income (HHI) in Tooele is $92,561 annually, with 45% of residents earning over $100,000 each year. Additionally, 60% of the population is employed in white-collar positions. In 2025, the area is expected to see 489 net move-ins, with 358 new units projected to come online.
STRONG MARKET FUNDAMENTALS
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Winter
Olympics
2034
Best Economic Outlook
#1
Best Employment
#1
UTAH RANKED #1 IN THE NATION—BEST
STATE FOR THE 3RD CONSECUTIVE YEAR News & World Report — May '25
UTAH RANKED #1 IN THE NATION - BEST ECONOMIC OUTLOOK for the 18th Straight year Rich States Poor States—April ‘25
UTAH #1 IN THE
NATION - YOUNGEST POPULATION News & World Report—July ‘24
UTAH RANKED #1 IN THE NATION – LEAST EXPENSIVE STATE IN THE NATION TO START A BUSINESS Simplify LLC—March ‘25
UTAH RANKED #1 IN THE NATION - BEST STATE TO MOVE TO Consumer Affairs—August ‘24
Address: 55 W. Center Street North Salt Lake, UT 84054
Total Units:183
Class: B (multifamily / garden-style)
Stories: Three-story (some buildings sit below ground level
Year of Construction / Renovation: 1978 / 2012
Buildings: 33 (plus a leasing office / clubhouse)
Building Materials: Frame, stucco and stone accents (clubhouse)
Roof: Pitched roofs with composition shingles
Acres / Density: 7.10 acres / 25.77 units per acre
Distance from Downtown: 6 miles NW of Downtown Salt Lake
Location: On W Center St between I-15 and S Main St
Pets: Yes
property Overview
unit amenities
Newly Renovated with New Appliances, Modern Designer Finishes, Premium Lighting Fixtures, and Wood-Style Flooring
Updated Kitchen with Electric Stove, Refrigerator, Dishwasher, Double Basin Sink, Dining Area, and Plenty of Cabinet and Counter Space
Plush Carpeting, Lighted Ceiling Fans, and Mini /Vertical Blinds
Full Size Bathroom with Tub and Shower Combination and Separate Large Vanity Area
Oversized Windows Providing Abundant Natural Light
Walk-In Closets and Semi-Private Entry
Large Patio / Balcony with Sliding Glass Doors
Select Units Have Washer and Dryer Available
Air Conditioning / Heating, High-Speed Internet Access, and Cable / Satellite TV Available
community amenities
Scenic Views of Wasatch Mountains
Swimming Pool with Sundeck and Indoor Spa
Clubhouse with Entertainment Space, TV / Media Lounge, Coffee Station, and Free Wi-Fi
Fitness Center with Cardio and Weightlifting Equipment and Free Weights
Picnic and Grilling Area
Laundry Facility
Indoor Package Lockers
On-Site Parking and Covered Carport Parking Available
Controlled Access
Lushly Landscaped with Manicured Grass, Mature Trees, Trimmed Shrubs, and Flowering Plants
Online Resident Portal / Smartphone App with Rent and Maintenance Request Acceptance
Within Walking Distance of Public Transportation (Ride UTA Bus Line)
Across the Street from Hatch Park with Sports Courts and Fields, Picnic Pavilion, Playground, and Walking Path
Close to Schools, Stores, Restaurants, and Entertainment Options
Convenient Access to Interstates 15 and 215, U.S. Highway 89, Ride UTA Green Line Light Rail Station, Salt Lake City International Airport, The University of Utah, Skii Resorts, Hiking Trails, Great Salt Lake, and Downtown Salt Lake City
Michael Slovitt
Managing Director
312.845.3082
michael.slovitt@berkadia.com
Berkadia Salt Lake City Investment Sales pleased to present the exclusively offering of Lex Apartments, a 204-unit brand new community in Tooele, Utah. Located within a 30-minute commute west of Salt Lake City, residents can enjoy a suburban lifestyle with good schools, a great community, and outdoor recreational activities.
Lex Apartments is a modern garden-style apartment community situated in one of the best new neighborhoods in Tooele. The property provides convenient access to shopping, schools, parks, and dining options.
Brand New 204-Unit Community in Tooele, Utah
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With escalating construction costs and a notoriously onerous entitlement process, the Tooele market has one of the highest barriers to entry of any submarket in the state. The limitation of water rights adds to the difficulty of development limiting competition. With no new projects under construction, Lex Apartments presents a unique opportunity to not only gain access to this exclusive submarket, but also to acquire a quality garden-style apartment asset well-below today’s replacement cost.
LIMITED DEVELOPMENT
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Matt Schildwater
Managing Director
303.689.8324
matt.schildwachter@berkadia.com
CHRISTOPHER ELLIS
Senior Managing Director
303.689.8317
chirstopher.ellis@berkadia.com
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