SEATTLE, WA - Security Properties Inc. has successfully closed the recapitalization of Dayton Meadows Apartments, located in Denver, Colorado.
The 120-unit property located at 1479 S Dayton Street consists of apartments affordable to individuals earning less than 60 percent of area median income. Security Properties originally acquired the property in November 2013, and recently secured an allocation of Low Income Housing Tax Credits from Colorado Housing and Finance Authority.
The allocation facilitates the moderate rehabilitation of the property, which will address both interior and exterior elements of the property. Construction is slated to begin in December and be completed in June 2015.
"We are very excited to take Dayton Meadows to the next chapter in its life. Being able to preserve this critical affordable housing while allowing for significant capital investment is a win for everyone involved, from ownership to CHFA to, most importantly, the residents," said Bryon Gongaware, Managing Director of the firm's Affordable Housing Group.
Security Properties teamed with an institutional tax credit investor, PNC Bank, National Association, a member of The PNC Financial Services Group, Inc., to provide the equity needed to fund the transaction, while Citi provided the financing. "Our financing partners executed flawlessly to get this complex transaction to closing," added Gongaware.
Built in 1996 the community provides residents with convenient access to downtown Denver, local retail, employment centers and recreational options. The property is a mix of one-, two- and three-bedroom units and includes washer and dryer hookups in each unit, an outdoor pool and fitness center.
For more than 40 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Over time, Security Properties has acquired or developed over 66,500 residential units at a cost of over $3.35 billon. Security Properties maintains a focused multifamily strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists.