PARK CITY, UT - Security Properties acquired Elk Meadows, a 96-unit multifamily affordable housing property in Park City, Utah. Elk Meadows is a garden-style community comprised of family units that are income restricted.
The property was originally developed in 1993 utilizing Low-Income Housing Tax Credits (LIHTCs) from the Utah Housing Corporation (UHC). A Regulatory Agreement tied to that original source of financing deed restricts the property as affordable housing through 2023.
The acquisition of Elk Meadows is Security Properties' first in the state of Utah. The greater Salt Lake City metro in particular is a market that the company is quite bullish on and has been actively targeting for some time now.
The relatively low cost of living, proximity to outdoor recreation, and abundant employment opportunities continue to attract new businesses and residents to the area, which is promising for long-term investments in multifamily real estate.
"This acquisition positions Security Properties into a highly desirable region from which to expand, and allows us to preserve high-quality affordable housing for the long-term in an area where there is an extreme shortage of affordable housing options," states Bryon Gongaware, Managing Director of the Affordable Housing Group for Security Properties.
KeyBank provided a 5-year term floating-rate loan on the property. The property will be managed by Security Properties Residential, an affiliate of Security Properties.