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4/09/18
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Security Properties paid $41 mil for Willows at Printers Park, a 220-unit, Class B+ multifamily property located in Colorado Springs, CO. With this buy, Security Properties now owns three market-rate assets totaling 740 units in Colorado.
Willows at Printers Park offers a mix of one-, two- and three-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 provides 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.
Willows at Printers Park is located just over two miles east of downtown Colorado Springs, at the base of Pikes Peak – one of the most famous mountains in America. 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 asset represents a value-add investment for the buyer. 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.
The property will be managed by Security Properties-affiliate Security Properties Residential.
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