Security Properties Acquires Affordable Apartments for $13.2M
- Dec 23, 2014
Colorado Springs, Colo.—Security Properties has teamed with Enterprise Community Investment Inc. and the Colorado Springs Housing Authority to acquire Winfield Apartments, a 160-unit apartment community in Colorado Springs, Colo., for $13.2 million, from Academy Heights Housing Partners.
This marks the second joint venture between Security Properties and Enterprise this year, as the partnership acquired the 220-unit Reserve at Northglenn Apartments located in Northglenn, Colo. in February.
“This fits with our company philosophy. Ownership was attracted to the quality property located in a growing and dynamic area of Colorado Springs,” Bryon Gongaware, Security Properties’ managing director, Affordable Housing Group, tells MHN. “This property is the ideal affordable housing acquisition target for Security Properties, as it is high quality real estate that is well located with opportunities for operational improvements over long-term ownership.”
Located at 6134 Romley Point, Winfield Apartments is a garden-style apartment community that contains a mix of two- and three-bedroom apartments and consists of affordable apartments for individuals and families earning less than 60 percent of area median income.
Property amenities include a clubhouse, fitness center, laundry facility, professional on-site management, playground, barbeque area, available parking garages, in-unit washer/dryer hookups, balconies/patios, and air conditioning. There’s also an open green space with a park immediately across the street.
According to Gongaware, ownership will address deferred maintenance and landscaping throughout the property, with opportunities for improved energy efficiency.
Built in 2001, Winfield offers residents convenient access to major business, retail, and entertainment hubs throughout Colorado.
“The property is ideally located across the street from Pring Ranch Park and Odyssey Elementary School, within two blocks of quality commercial retail and easy access to transportation corridors along N Power Boulevard and Stetson Hills Boulevard,” Gongaware says.
The acquisition partnership assumed existing Fannie Mae financing and sourced a supplemental, co-terminus, Fannie Mae loan through Citi.
This acquisition marks the fifth property Security Properties has made in Colorado over the past two years, but it is the company’s first purchase in Colorado Springs. In total, it now owns nearly 1,660 apartments in the state.