LAYTON, UTAH — Community Preservation Partners (CPP) has acquired Skyline View Apartments in Layton. CPP partnered with The Hampstead Cos., as co-owner and co-developer, for the community. CPP’s total development investment is approximately $39.5 million, which includes the $22 million purchase price and an estimated $70,000-per-unit renovation.
CPP’s renovation and investment will renew the property’s affordability status for additional 20 years and preserve affordability for residents earning up to 50 percent of area median income.
Comprised of eight two-story, garden-style buildings at 443, 448 and 430 N. Fairfield Road, Skyline View Apartments features 112 two-bedroom units, ranging in size from 720 square feet to 768 square feet. The asset was built between 1973 and 1978 and the buildings have not had significant renovations.
Extensive renovations to interiors and exteriors will begin immediately with construction slated for completion in August 2024. Major enhancements will include installation of new windows, replacement of outdoor siding, and the addition of packaged terminal air conditioner units. Common amenity upgrades will include new paths of travel for improved accessibility, new tot lots, on-site parking for 123 vehicles, access to storage areas, a community laundry room and basketball court. Apartment upgrades will include new flooring, cabinets, countertops, lighting, appliances and plumbing fixtures.
Additional project partners include Utah Housing Corp. and KeyBank, which is providing construction and debt financing under the Freddie Mac TEL program.