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Mountain Real Estate Capital in a joint venture with DAI/Candlelight Homes acquires housing community in Utah

(Credit: Reuters) A joint venture between Mountain Real Estate Capital and DAI and Candlelight Homes will develop a 199-lot housing community in South Jordan, Utah.Housing on Mountain Real Estate Capital joint venture
July 30
9:14 PM 2013

Mountain Real Estate Capital announced that they have sealed an investment agreement with DAI and Candlelight Homes of Utah. Mountain Real Estate Capital is a national equity partner to residential homebuilders and land developers.

The new joint venture plans to develop their newly acquired 199-lot housing community called Santorini Village situated in South Jordan, Utah. The investment deal is Mountain Real Estate Capital's first entry into the housing market of Salt Lake City.

"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," Mountain Real Estate Capital Managing Director Joel Kaul explained.

Mr. Kaul and Chris Bornemann, asset manager of Mountain Real Estate Capital, completed the investment for their company.

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