Mountain Real Estate Capital Acquires Santorini Village in Joint Venture

SALT LAKE CITY - Aug. 2, 2013 - PRLog -- Mountain Real Estate Capital (MREC), a national leading equity partner to residential land developers and homebuilders, announces the closing of 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, Utah. The transaction represents MREC’s first investment in the Salt Lake City housing market.  

Santorini Village is located in the highly coveted South Jordan school district. The community will be developed into 117 townhomes and 82 single family homes ranging in price from $190,000 up to $350,000. Candlelight Homes will be constructing homes at the community and will incorporate their latest smart space technology in each new home. DAI will be developing the site for the joint venture.

Asset Manager Chris Bornemann and Managing Director Joel Kaul of MREC completed the investment for MREC. Kaul states, “The Santorini Village acquisition highlights our continued strategy of investing with best-in-class operating partners in select national residential markets experiencing strong economic growth. DAI is one of the top residential developers along the Wasatch Front and Candlelight Homes is known for their quality homes and high customer satisfaction. We intend to grow our platform and are presently working on several new investments for the joint venture in greater Salt Lake City.”  

“We are extremely excited to introduce Santorini Village to the South Jordan housing market.   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,” said Bryan Flamm, CEO of Candlelight Homes. “We are pleased that MREC elected to be our partner in this exciting project, appreciate their creative approach to equity structuring and look forward to furthering our relationship with them.”
 
Milt Shipp, CEO of DAI, LLC, recalls having started DAI 23 years ago with headquarters in South Jordan. “The leaders of South Jordan have been visionary and progressive over the years. It has been enjoyable to work with them in planning and creating neighborhoods in this beautiful city,” Shipp said.

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. All told, MREC has closed deals in 16 states and has 14 operating partners around the country.