COLORADO SPRINGS, CO – Security Properties bought 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 well-known mountains in America – is widely recognized for its abundance of recreational offerings. Residents delight in 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 make 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.

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DURHAM, NC – McCann Realty Partners and its joint venture partner, LEM Capital, announced the acquisition of Discovery on Broad Apartments (formerly known as Altera at North Pointe), a 320-home community in Durham, NC. 

Built in 2001, the two-tale, direct-entry, suburban-garden community offers residents high-quality amenities, including two swimming pools and tennis courts, all situated in a low-density setting on over 38 acres. 

The property, located at 2335 Broad Street in Durham, NC, is near major employment centers at Research Triangle Park, Duke University Health System and Duke University, and has direct access to the Durham Belt Line and ready transportation linkages to I-85 and the Durham Freeway.   The property will be managed by Atlanta-based Pegasus Residential.

The joint venture will invest capital to upgrade interiors and amenities.  Unit upgrades will include stainless steel appliances, washer and dryer installation, flooring upgrades and granite countertops in select units.  Amenities will be enhanced by the addition of grilling stations, a fire pit and outdoor entertainment and seating areas.  

“Our team is looking forward to executing our business plot,” said Thomas Upson, Managing Director at McCann.  “We believe this property provides residents with a fantastic living experience in close proximity to downtown without paying downtown Durham rates.”

“We are excited to buy another asset in the Durham market,” said Matt Akin, President of McCann. “Discovery on Broad fits our value-add strategy with near-term opportunities to significantly improve the overall positioning of the property, including upgrades to interior and common space amenities. This acquisition provides the opportunity to further reposition an asset with fantastic proximity to so many retail and employment options.  We are pleased to work with LEM on this transaction and look forward to building a long-term partnership with them.”

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SAN MATEO, CA – JEMCOR Development Partners announced the groundbreaking for Ageno Apartments, a 171-unit, mixed-income, transit-oriented development located at South Vasco Road and Brisa Street in Livermore, Calif. Ageno Apartments marks the final construction phase in the master-plotted “Vineyard Crossing,” a 34.5-acre community of 465 single-family homes, townhomes and apartments originally entitled by SummerHill Homes and built by KB Homes.  

As a developer specializing in market-rate, affordable and mixed-income housing, JEMCOR bought the five-acre site from SummerHill Homes in September 2016 and took on the responsibility of satisfying the inclusionary housing requirement for the community by incorporating affordable units within the 171-unit development. While plans originally called for 85 percent of those units to be market-rate and the remaining 15 percent to be affordable units, JEMCOR opted to increase the total number of affordable units to 20 percent in order to utilize specialized financing that includes low-income housing tax credit equity, tax-exempt bond proceeds and a first-of-its-kind, construction-to-permanent loan from Citi Community Capital completed in conjunction with Freddie Mac’s newly launched “LIHTC Enhancement” program. The deal will result in 35 apartments permanently affordable to very low-income families earning up to 50 percent of Alameda County’s area median income (about $52,150 for a family of four). 

“Ageno Apartments will be Livermore’s first large-scale, newly-built apartment community in nearly 25 years,” said JEMCOR President Jonathan Emami. “We’re very pleased that it will also help provide critically needed rent relief for very low-income families and individuals in the San Francisco Bay Area, where housing costs continue to rank among the highest in the nation.” 

“We are proud to work alongside our developer partners to help solve California’s affordable housing crisis, one project at a time,” said Jay Abeywardena, director, Citi Community Capital. 

Transit-oriented development sits on Silicon Valley commuter rail corridor

Located adjacent to the Altamont Corridor Express (ACE) Vasco Road commuter rail station, Ageno Apartments residents will have quick access to weekday trains serving Silicon Valley with stops in Pleasanton, Fremont, Santa Clara and San Jose. In addition, residents will have access to buses with direct service to the Dublin Bay Area Rapid Transit (BART) station. The Ageno property is less than three miles from two world-renown research and development facilities: Lawrence Livermore National Laboratory and the California campus of Sandia National Laboratories. 

Designed by award-winning KTGY Architecture + Plotting, the development will consist of four, three-tale residential buildings and a single-tale clubhouse. The project will incorporate a number of “green” features such as solar photovoltaic systems covering the energy usage in common areas and drought-tolerant landscaping to help ensure long-term energy efficiency and sustainability. The one-, two- and three-bedroom units will have Energy Star appliances, energy-efficient lighting, low-flow faucets and toilets, walk-in closets and storage closets. Residents will have access to a host of resident services and amenities including parcel lockers and delivery service, a fitness center, swimming pool, spa, green space, outdoor barbecue areas as well as connections to two neighborhood parks and pedestrian paths. The development, which is located less than a mile from Interstate 580, will have 282 covered parking spaces. FPI Management will provide leasing and property management services.

Financing for the approximately $60 million development includes a $45 million loan from Citi Community Capital, the project’s construction and permanent lender. Alliant Capital, Ltd., syndicated the tax credit equity. Pacific Housing, Inc., and Lyon Street Interests are partners on the project, and the general contractor is JEMCOR Construction Partners, Inc. Construction is expected to take about 22 months, with lease-up beginning in the summer of 2019.

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