Listen to this articleBelow is our recent interview with Jen Merrill, from CJM Development Group:
Q: Could you provide our readers with a brief introduction to your company?
A: CJM Development Group, Inc is a full-service building and development company in the Greater Salt Lake Area. Headquartered in Draper, UT, the company was founded by Chris Miller in 2020 to develop multi-family projects. Chris Miller has vast experience with developing and constructing multi-family projects. He was involved in developing thousands of multi-family units in Utah. His portfolio of experience includes the development of 5,000 multi-family units across the Wasatch Front valued at over $700 million. CJM Development was established to develop multi-family projects, in which, Chris Miller and associates can create wealth through ownership in the projects they develop. The company’s business strategy is to find land, entitle the land for multi-family development, source financing for the development and provide Chris Miller and associates with ownership in those developments.
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Q: Any highlights on your recent announcement?
A: TriView II (“Project”) (12300 South Pony Express Road, Draper, Utah 84020), upon completion, will be a 423-unit Class A market-rate multifamily residential community. The project will include three 5-story wood frame over podium buildings with structured and surface parking (703 total spaces, 1.76 spaces/residential unit).
TriView II will be the second Phase of this multifamily community. It will be located directly north of Phase I, Canyon Vista Apartments, which broke ground in Q1 2020 and is expected to be completed Q4 2022.
Draper, UT is a highly urbanized, rapidly-growing, affluent submarket located between Salt Lake and Utah Counties approximately 20 minutes south of downtown Salt Lake City.
Draper is centrally located among the “Silicon Slopes” – a region which has seen a surge in population growth driven by the rapid expansion of high-income employment in the technology sector.
The site has frontage along Interstate 15, Draper’s major thoroughfare, providing excellent visibility and direct access to both downtown Salt Lake City and the area’s major employers and lifestyle amenities.
Demand for Class A market-rate apartments is evidenced by low stabilized vacancy rates (< 3%) and strong rent growth (3.2% in 2019). • Utah, including Salt Lake County and Draper, have fared well through the pandemic and have seen a less severe impact than other regions of the country.
Q: Can you give us more insights into your offering?
A: We will began the construction phase of the project this month and are expected to be completed with the construction phase July 2024. The project will start having units to rent by July 2023. We anticipate hitting stabilized occupancy by Q1 2025.
Q: What can we expect from your company in next 6 months?
A: We currently have under construction 448 units just south of this project that was announced. We are leasing units at that project. The lease up is going very well. We will be developing a project in the Pocatello, Idaho area in 2022 that project will have 192 units. We are also currently building a project in Richfield, UT that has 120 units. This project will be completed in 2023.
Q: What are your plans?
A: We will be purchasing more land in the Salt Lake City Metro area to continue to build multi-family projects along the Wasatch Front. We have several groups we have partnered with and will continue to partner with to develop and building projects along the 1-15 corridor.
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Q: What is the best thing about your company that people might not know about?
A: The company has vast experience with developing, constructing and managing market rate, senior and Affordable multi-family housing. We have 3 projects that completed construction in 2021. Those projects are over 95% occupied. We specialize in finding underserved markets along the 1-15 corridor. The projects we build are great quality in high demand areas. We have established relationship with many land owners, brokers and municipalities. These relationships help us find and acquire land and make sure the land is entitled for multi-family development. We are experts at facing challenges head on and getting projects to the finish line.
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