RICHFIELD, UTAH — Hunt Capital Partners, in collaboration with CJM Development Group, has opened Sandstone Hills Apartments in Richfield, 150 miles south of Salt Lake City.
Located on 5.8 acres at the southeast corner of 1500 S St. and SR 118, the community features five three-story, garden-style residential buildings offering 20 one-bedroom, 70 two-bedroom and 30 three-bedroom apartments for households earning up to 55 percent of the area median income.
The vision of Sandstone Hills Apartments began with Dale T. Smith & Sons Meat Packing Co., which wanted to move its operations to Richfield but was aware of the town’s acute housing shortage. The company enlisted CJM Development to lead the effort to develop affordable housing in the area.
The project team includes Commercial Construction as general contractor, Think Architecture are the project architect, and CJM Properties, the developer’s affiliate, as the property management agent.
Financing for the development 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. Additionally, the state of Utah provided a $1 million soft loan through its Olene Walker Housing Fund.