SEATTLE, April 3, 2018 – On March 29, 2018, Security Properties purchased Willows at Printers Park, a 220-unit, Class B+ multifamily property located in Colorado Springs, CO for $41,000,000. Security Properties now owns three market-rate assets totaling 740 units in Colorado.
Willows at Printers Park is located just over 2 miles east of downtown Colorado Springs. Colorado Springs, sitting at the base of Pikes Peak – one of the most famous mountains in America – is widely recognized for its abundance of recreational offerings. Residents enjoy 300-plus days of sunshine per year, and outdoor enthusiasts frequent the city’s bike trails, walking paths, and proximate world-class ski resorts.
The units at Willows at Printers Park feature a mix of 1-bedroom, 2-bedroom & 3-bedroom floorplans. The apartment homes feature well-appointed kitchens, spacious walk-in closets, in-unit full-size washers and dryers, as well as private patios / balconies. Additionally, the property offers a comprehensive amenity package including a swimming pool, a clubhouse with a small kitchen and attached business center, a playground, and a fire pit gazebo.
The asset represents a value-add investment with interior and exterior renovation characteristics, specifically with regards to the amenities. In addition to continuing the unit renovations initiated by prior ownership, SP will also be adding aesthetic upgrades to the clubhouse as well as expanding the amenity offerings.
SP has closed on two market rate deals in the past four months in greater Denver, and owns a portfolio of affordable housing properties along the Front Range. Colorado Springs is a growing market with notable development projects and a steadily expanding employment base. The relative affordability of Colorado Springs is continuing to bring new residents to the city.
Tad Johnson, Senior Investment Manager at Security Properties says, “The centrally located asset has been well maintained by previous ownership, allowing our venture to continue interior-unit upgrades that will create value. Colorado Springs is an attractive market that offers a compelling yield-premium relative to comparable secondary markets in the West.”
The property will be managed by Security Properties-affiliate Security Properties Residential.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 48 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com
About Security Properties Residential
Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western U.S., Security Properties Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create positive living environments for residents and build value for clients.