Security Properties Acquires 276-Unit Property in Colorado
- Feb 17, 2011
Thornton, Co.—Security Properties Inc. has acquired a recently constructed property in Thornton, Co. called The Reserve at Thornton. The 276-unit acquisition represents the company’s second Denver market deal in less than a year. Secured Properties acquired the general partner position and a majority of the economic interests from Trammell Crow Residential. The property is partly financed under the federal low income housing tax credit (LIHTC) program.
“We’re pleased to further expand our portfolio in the Denver market with this latest acquisition of The Reserve at Thornton property,” says John M. Orehek, president and chief executive officer of Security Properties. “Our extensive expertise as an affordable housing operator, knowledge of the unique regulatory and compliance issues governing this sector and strong balance sheet will help us deliver value to our investors and partners with this asset.”
The Reserve at Thornton was built in 2006 and is currently 97 percent occupied. Amenities include a swimming pool, fitness center, business center, playground, and spacious layouts. This acquisition gives Security Properties a total of 958 conventional and affordable multifamily units in the Denver market.
NAI brokers $16M investment sale for both buyer and seller
Norwalk, Calif.–Tom Papoulias with NAI Capital’s Commerce office represented both parties in the sale and purchase of a 120-unit multifamily complex in Norwalk.
The buyer, Cirrus Asset Management, based out of Calabasas, Calif., purchased Capistrano Garden Apartment Homes from CRE 12 LLC for a transaction value of $16,000,000.00.
The newly updated complex has a total of 101,596 rentable square feet and is situated on a 125,123 square foot lot at 13811 Shoemaker Drive. Papoulias notes the apartments are located in a very desirable area and neighborhood of Norwalk, Calif. At the time of closing, there were only 10 vacancies.
Built in 1968, features of the gated community include a courtyard and golf course views in a resort style atmosphere. The units consist of 52 one-bedroom, one-bath 750-square-foot units, 48 two-bedroom one-bath 900-square-foot units and 20 three-bedroom, two-bath 1,100-square-foot units.
Interior features of the units include upgraded kitchens with new appliance packages including gas stove, microwave, disposals, stainless steel kitchen sinks; ceiling fans in dining rooms, wood grain flooring in entryways, kitchen and bath; air conditioning/heating, new bathroom fixtures, mirrored wardrobe closets, and private patios/balconies in select units.
“Cirrus was very familiar with the property, having managed the building for about eight years ago,” says Papoulias. “We had it listed and 30 days later we had it under contract with Cirrus.”
Papoulias recently represented both parties in one of NAI Capital’s largest transactions in 2010, with the sale and purchase of a 320-unit apartment complex in Mesa, Ariz. Papoulias’ latest deal represents NAI Capital’s largest transaction to date.
Marcus & Millichap sells $12.8M assisted-living facility
Mesa, Ariz.–Marcus & Millichap Real Estate Investment Services has brokered the sale of Cypress Court, a 126-unit, 145-bed assisted-living and memory-care property in Mesa, Ariz. The $12.8 million price tag represents $157 per square foot.
Mark Meyers, a senior vice prudent in the firm’s Chicago office, and Joshua Jandris, a senior housing specialist, represented the seller, an Indiana-based nonprofit. The facility was bought by Emeritus Senior Living.
“Cypress of Mesa is one of the best designed assisted living facilities around, and it will be a good addition to the Emeritus portfolio,” says Myers. “The seller was successful in completing the divesture of one of its last remaining assets in the nonprofit.”
The 81,995 square-foot property is located at 310 South 63rd St. on 5.56 acres. Cypress Court includes a 22-unit secured specialty care/memory care wing. The three-story property features a concrete block and stucco exterior, administrative offices, a main dining room, dietary department, three elevators and a central courtyard.