July 31, 2013 — Salt Lake City – Mountain Real Estate Capital (MREC) has closed a new investment with DAI/Candlelight Homes of Utah. The new joint venture intends to develop Santorini Village, a 199-lot housing community located in South Jordan. The transaction represents MREC’s first investment in the Salt Lake City housing market.
Developers plan for Santorini Village to be developed into 117 townhomes and 82 single family homes ranging in price from $190,000 to $350,000. Candlelight Homes will build homes at the community and DAI be develop the site for the joint venture.
Asset manager Chris Bornemann and managing director Joel Kaul of MREC completed the investment for MREC.
“We are extremely excited to introduce Santorini Village to the South Jordan housing market,” said Bryan Flamm, CEO of Candlelight Homes. “We have redesigned the Candlelight Homes housing product specifically for Santorini Village and believe our smart space design/technology will be very popular with our new homeowners.”
Over the past three years, MREC has completed similar investments with private homebuilders and developers desiring to recapitalize and grow their portfolios in Florida, Colorado, California, North Carolina, Texas, Virginia and Wisconsin.