COLORADO SPRINGS, CO - Security Properties purchased Willows at Printers Park, a 220-unit, Class B+ multifamily property located in Colorado Springs, CO for $41,000,000. Security Properties now owns three market-rate assets totaling 740 units in Colorado.
Willows at Printers Park is located just over 2 miles east of downtown Colorado Springs. Colorado Springs, sitting at the base of Pikes Peak – one of the most famous mountains in America – is widely recognized for its abundance of recreational offerings. Residents enjoy 300-plus days of sunshine per year, and outdoor enthusiasts frequent the city's bike trails, walking paths, and proximate world-class ski resorts.
The units at Willows at Printers Park feature a mix of 1-bedroom, 2-bedroom & 3-bedroom floorplans. The apartment homes feature well-appointed kitchens, spacious walk-in closets, in-unit full-size washers and dryers, as well as private patios / balconies. Additionally, the property offers a comprehensive amenity package including a swimming pool, a clubhouse with a small kitchen and attached business center, a playground, and a fire pit gazebo.
The asset represents a value-add investment with interior and exterior renovation characteristics, specifically with regards to the amenities. In addition to continuing the unit renovations initiated by prior ownership, SP will also be adding aesthetic upgrades to the clubhouse as well as expanding the amenity offerings.
SP has closed on two market rate deals in the past four months in greater Denver, and owns a portfolio of affordable housing properties along the Front Range. Colorado Springs is a growing market with notable development projects and a steadily expanding employment base. The relative affordability of Colorado Springs is continuing to bring new residents to the city.
Tad Johnson, Senior Investment Manager at Security Properties says, "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."
The property will be managed by Security Properties-affiliate Security Properties Residential.