SALT LAKE CITY--(BUSINESS WIRE)--Security National Financial Corporation (NASDAQ: SNFCA) (the “Company”) is pleased to announce an award given to Security National Real Estate Services (SNRE) for its recent multifamily development, Dry Creek at East Village. Sandy City (Utah) awarded the project its Quality Development Project of the Year Award at the city’s annual Sandy Summit award ceremony held February 24th. The award was given to Dry Creek at East Village for raising the bar for future developments in Sandy City.
In his presentation of the award, Mike Coulam, Director of Community Development for Sandy City, stated, “This project truly makes Sandy City a better place to live.” He continued, “The Dry Creek Apartments at East Village has set a high standard of quality development for The Cairns (the city’s branded downtown area) and Transit Oriented Development across Utah.”
This award, in large part, came about as a result of the multi-year effort of the Company to develop relationships within the community and set a vision for the area. The Company has other land holdings in the immediate area that may be used for future development, including housing, commercial and retail uses.
Dry Creek at East Village is being leased through Alliance Residential Company, and is being constructed by Rimrock Construction. Leasing commenced in November 2014 and the property is scheduled to be stabilized by the end of 2015. Construction of the project will be completed by the end of summer.
Dry Creek at East Village boasts access to an expansive trail network, amenities within walking distance and close proximity to transit services. Retail, dining and entertainment are all located adjacent to Dry Creek at East Village, making this a desirable housing location.
The award was presented to Bryce Baker of SNRE at the awards ceremony. SNRE is a wholly owned subsidiary of Security National Financial Corp. and its business purpose is to acquire, develop and manage the real estate investments of the Company and its subsidiaries.
The Company continues to acquire new real estate properties as well as looks to develop future projects on its current land holdings. As it does so, the Company anticipates continued improvements to the yields of its invested assets.
This press release contains statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Security National Financial Corporation and its business. The predictions in these statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.