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12/23/14
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A venture of Security Properties, Enterprise Community Investment Inc and the Colorado Springs Housing Authority has acquired the Winfield Apartments, a 160-unit multifamily property in Colorado Springs, CO. The property was sold by Academy Heights Housing Partners, a former affiliate of the Steadfast Companies, for $13.2 mil ($82.5k/unit).
The property, located at 6134 Romley Point consists of affordable apartments for individuals and families earning less than 60 percent of area median income. The property is the fifth such acquisition by Security Properties in Colorado over the past two years, and the company's first acquisition in Colorado Springs. With the acquisition, Security Properties now owns approximately 1,660 apartments in Colorado.
Built in 2001, Winfield is a garden-style apartment community that offers residents convenient access to major business, retail, and entertainment hubs throughout Colorado Springs. The property contains a mix of two- and three-bedroom apartments and includes washer and dryer hookups in each unit, a fitness center, clubhouse, and playground. Security Properties plans to invest capital for improvements to both the interior and exterior of the property.
The sellers were represented by Jeff Kunitz and Brandon Grisham of the Tax Credit Group of Marcus and Millichap. The acquisition partnership assumed existing Fannie Mae financing and sourced a supplemental, co-terminus, Fannie Mae loan through Citi. This deal marks the second joint-venture between Security Properties and Enterprise, who together purchased the 220-unit Reserve at Northglenn Apartments located in Northglenn, Colorado in February 2014.
Security Properties has acquired or developed over 66,500 residential units at a cost of over $3.35 bil. The company maintains a focused multifamily strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists.
Enterprise works with partners nationwide to build opportunity. They create and advocate for affordable housing in thriving diverse, thriving communities linked to jobs, good schools, health care and transportation. Over more than 30 years, Enterprise has created nearly 320,000 homes, invested $16 bil and touched millions of lives.
The Colorado Springs Housing Authority offers several housing assistance programs including the Public Housing Program and the Housing Choice Voucher (Section 8) Program. As the largest provider of affordable housing in Colorado Springs, the Housing Authority also partners with other developers to both maintain and increase the supply of quality affordable housing.
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