Security Properties has acquired its third market-rate apartment community in the state of Colorado. The company spent $41 million for Willows at Printers Park in Colorado Springs. The 220-unit addition brings Security Properties’ total Colorado multifamily footprint to 1,697 units, of which 740 are market-rate.
Willows at Printers Park is located at 2205 Willow Tree Grove, near Adams Park and a few minutes’ drive from downtown Colorado Springs. The community comprises 96 one-bedroom, 104 two-bedroom and 20 three-bedroom units, ranging in size from 703 to 1,288 square feet. Common amenities include a swimming pool, clubhouse with kitchen, business center, playground and a fire pit gazebo.
The community is situated near multiple recreational and entertainment venues, including Memorial Park, golf courses, the U.S. Olympic training center and Leon Young Sports Complex. East Platte Avenue is under a mile to the north, with its multiple retailers, restaurants and a Walmart Supercenter. Major thoroughfares nearby include Interstate 25 and state route 24.
Growing in Colorado
Willows at Printers Park will receive capital improvements, as Security Properties has plans to continue the renovation program initiated by the previous owner. Upgrades to the clubhouse and the entire amenity package are planned, as are in-unit renovations. The community will be managed by the firm’s management arm, Security Properties Residential.
Security Properties recently closed two other multifamily acquisitions in the greater Denver area. “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,” said Tad Johnson, senior investment manager at Security Properties, in a prepared statement.
Image courtesy of Security Properties Inc.