Security Properties and Tokyu Land US Corp. have acquired Summit Riverside, a 248-unit multifamily asset in Littleton, Colo., for $78.5 million. The transaction was funded by a $45.3 million Freddie Mac loan. The property last traded in 2018, when Summit Management Services, the current seller, bought it from Green Leaf Partners for $50 million, according to Yardi Matrix.
Security Properties Director of Acquisitions Tad Johnson said, in a prepared statement, that the property will go through a renovation program. The community will be managed by Security Properties Residential, Security Properties’ management arm.
Completed in 1986, Summit Riverside encompasses studio, one- and two-bedroom units between 606 and 1,158 square feet, equipped with fireplaces, as well as washers and dryers. Common-area amenities include a tennis court, volleyball court, swimming pool and 470 parking spots.
The multifamily community is located at 4957 S. Prince Court, next to the South Platte River and Mary Carter Greenway Trail, 6 miles from the University of Denver and within 10 miles of downtown Denver. The property is within walking distance of Centennial Shopping Center, the Riverside Downs shopping mall and several other retail options.
According to a recent Yardi Matrix report, $1.5 billion in rental assets traded in Denver during the first four months of the year, on par with a record-breaking 2021. In January, MG Properties acquired Tamarac Apartments for $141 million, one of the biggest acquisitions recorded in Denver this year.