RICHFIELD, Utah, Sept. 27, 2023 – Hunt Capital Partners, in collaboration with CJM Development Group, celebrated the grand opening of Sandstone Hills Apartments in Richfield, Utah, today. Located on 5.83 acres at the southeast corner of 1500 S Street and SR 118, the five, three-story garden-style apartment buildings offer 20 one-bedroom, 70 two-bedroom and 30 three-bedroom rental units for households earning up to 55 percent of the area median income.
The grand opening ceremony took place at noon on Wednesday, Sept. 27, and included a ribbon cutting ceremony, remarks from key partners, as well as a raffle, a reception for all ceremony attendees and catered lunch provided by local family-owned restaurant, Steve’s Steakhouse. Speeches were given by Chris Miller, CEO of CJM Development Group; Darrel Smith, Co-General Partner of the Project and Co-Owner of Dale T. Smith & Sons Meat Packing Company; Josh Anderson, Underwriting Director of Hunt Capital Partners; and Drake Howell, Vice President of Cole West Development. To memorialize the development’s introduction to the community, four cowhides branded with the Sandstone Hills Apartments logo were gifted to owners of the partnership.
“Rural America has a lack of housing at all levels, especially affordable housing. The housing stock in areas such as Richfield is not expanding but contracting. A thriving economy hinges on the availability of housing options, and the options in Richfield are very limited with vacancy close to 0%,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “CJM Development Group has a track record of building critically needed affordable housing in rural towns like Richfield. We are pleased to invest in Sandstone Hills Apartments, which not only provides housing to 120 families, but offers a foundation to support emerging job opportunities as employers like Dale T. Smith & Sons Meat Packing Company move to the area.”
The vision of Sandstone Hills Apartments began with Dale T. Smith & Sons Meat Packing Company, who wanted to move their operations to Richfield but was aware of the town’s acute housing shortage. The company enlisted CJM Development Group to lead the effort to develop affordable housing in the area. To make the vision a reality, CJM Development Group secured LIHTC financing from Utah Housing Corporation and then partnered with Commercial Construction as the general contractor; Think Architecture as the project architect; and CJM Properties, the developer’s affiliate, as the property management agent.
“The vast and ever-growing mountain ranges hold a personal value to me here, as I grew up exploring them with my late father, Gary Miller,” said CJM Development Group Owner Chris Miller, whose father was a multi-family developer who pioneered housing in rural areas across Utah. “There is no greater feeling than being a part of a group responsible for bringing affordable housing to a community like Richfield.”
Financing for Sandstone Hills Apartments includes the syndication of $9.3 million in federal Low-income Housing Tax Credits (LIHTC) through Hunt Capital Partners Tax Credit Fund 43, as well as $1.1 million in state LIHTC with Standard Insurance as the investor. Zions Bank provided a $17.6 million construction loan, as well as a $12.4 million permanent loan. The state of Utah provided a $1.0 million soft loan through its Olene Walker Housing Fund.
Environmental Social and Corporate Governance (“ESG”) Investing
Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3.0 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.