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10/25/23
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CPP (Community Preservation Partners), in a venture with The Hampstead Companies, purchased Skyline View Apartments, a 112-unit multifamily property in Layton, UT. Skyline View Apartments is comprised of eight two-story, garden-style buildings spread over three sites (443, 448 and 430 North Fairfield Rd).
Built between 1973 and 1978, the aging buildings at Skyline View Apartments have not had significant renovations, with many of the two-bedroom units showing considerable wear and tear. The apartments range in size from 720 sf to 768 sf. Extensive renovations to interiors and exteriors will begin immediately with construction completion scheduled for August 2024.
Major enhancements slated include installation of new windows, replacement of outdoor siding, and addition of packaged terminal air conditioner (PTAC) units. The common outside area will see new paths of travel for improved accessibility, and new tot lots for younger residents. Other amenities include 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.
CPP’s total development investment is approximately $39.5 mil, which includes the purchase price of $22 mil and an estimated per unit renovation cost of $70k.
“The Skyline View Apartments are a perfect example of CPP’s preservation efforts in affordable housing where it’s most needed,” said Seth Gellis, President at CPP. “The location next to a metro center makes these homes ideal for families of working-class renters who can’t afford to live in the downtown area.”
The properties’ HUD subsidy was set to expire, but with CPP’s involvement the units will now remain affordable and prevent displacement of residents earning 50% of AMI for another 20 years.
In addition to The Hampstead Companies, partners on the project include Utah Housing Corporation, who is the bond issuer and awarded 4% low-income housing tax credits (LIHTC). Key Bank is providing the construction and debt financing through a forward under the Freddie Mac TEL program.
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