JV Acquires $50M CO Community
- Feb 09, 2018
Security Properties and ReCap, a Reinsurance Group of America company, marked their sixth purchase together through the acquisition of The Bluffs at Castle Rock, a 220-unit community in Castle Rock, Colo. According to data provider Yardi Matrix, the joint venture acquired the asset from Jackson Square Properties for $50 million, or $227,272 per unit.
The Class B property consists of 11 three-story buildings located at 483 Scott Blvd., approximately 30 miles from downtown Denver and 40 miles from Denver International Airport. The community also offers convenient access to Interstate 25 and to major employers such as Castle Rock Outlet Mall and Castle Rock Adventist Hospital.
“Castle Rock is an attractive submarket with long-term growth potential due to its proximity to Denver’s Tech Center and RidgeGate, and The Bluffs at Castle Rock is a quality asset that we are excited to own,” Tad Johnson, investment manager at Security Properties, said in prepared remarks.
Built in 1998, the community offers a mix of one-, two- and three-bedroom units ranging from 736 to 1,268 square feet, with in-unit amenities including walk-in closets, private patios/balconies and fireplaces in selected units. The pet-friendly property features a dog park and common-area amenities such as:
- swimming pool
- 10 laundry facilities
- fitness center
- business center
Extensive in-unit renovations
According to Yardi Matrix, the property had an average rental rate of $1,282 as of January and an occupancy rate of 97.3 percent as of December. Currently, The Bluffs at Castle Rock is under renovations. Once completed, in-unit features will include stainless steel appliances, wood vinyl plank flooring, resurfaced counters, new cabinet doors and new fixtures throughout. Additionally, renovations will include improvements to the clubhouse and pool deck amenity area.
In December 2017, Security Properties bought, in another joint venture, The Lodge on 84th, a 300-unit garden-style community in Federal Heights, Colo.
Image courtesy of Yardi Matrix