PARK CITY, UTAH — Security Properties has purchased Elk Meadows, an affordable multifamily property located at 2627 Kilby Road in Park City, for an undisclosed price. The garden-style community comprises 96 units that are income restricted.
The property was originally developed in 1993 utilizing Low-Income Housing Tax Credits from the Utah Housing Corp. A regulatory agreement tied to that original source of financing restricts the property to affordable housing through 2023.
KeyBank provided a five-year, floating-rate loan for the property. Security Properties Residential, an affiliate of Security Properties, will manage the property. This acquisition is Security Properties’ first purchase in Utah.