Community Preservation Partners has teamed up with The Hampstead Cos. for the purchase of a 112-unit fully affordable community in Layton, Utah. Barlow Corp. sold Skyline View Apartments, according to public records, for $22 million. The new owners will implement interior and exterior upgrades, with a completion date set for August 2024.
The property’s HUD subsidies were set to expire, but the buyers’ involvement will maintain the community fully affordable for residents earning 50 percent of the area median income for another two decades.
Financing for the deal included a $19.4 Freddie Mac loan by Utah Housing Corp., as well as a $4.9 million Freddie Mac loan from KeyBank, Yardi Matrix shows. UHC also provided 4 percent Low-Income Housing Tax Credits.
Earlier this year, CPP and The Hampstead Cos. also partnered for the acquisition of two affordable properties in Great Falls, Mont. Sunshine Village and Broadview Manor came online in 1979 and comprise 92 units.
Details about the affordable community near Salt Lake City
Skyline View Apartments encompasses eight two-story buildings on 5.2 acres, constructed in three phases between 1973 and 1978. The garden-style apartments offer two-bedroom floorplans ranging between 720 and 768 square feet. Common-area amenities currently consist of storage areas, a community laundry room, a community garden and a basketball court.
Unit upgrades will include new windows, PTAC units, new flooring, kitchen and bathroom remodeling, as well as accessibility features in select apartments.
Located on three sites at 443, 448 and 430 North Fairfield Road, Skyline View Apartments is in the vicinity of Layton Commons Park, while WinCo Foods and Layton Hills Mall are within a 2-mile radius. Entertainment options include Boondocks Food & Fun—an amusement park at roughly 4 miles. Salt Lake City is 25 miles south.
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