CASTLE ROCK, CO – Security Properties and ReCap, a Reinsurance Group of America (RGA) company, bought The Bluffs at Castle Rock, a 220-unit, Class B+ multifamily property located in Castle Rock, CO for $50,000,000. This was Security Properties’ 6th joint venture with RGA. 

Castle Rock, located 30 miles south of Denver, is distinctive in that it represents the median between Denver and Colorado Springs, the two largest population centers in Colorado. Castle Rock is most notably recognized for its concentration of families, rolling meadows, and silent feel, despite its proximity to an otherwise booming market.

The units feature a mix of 1-bedroom, 2-bedroom & 3-bedroom floorplans, and include spacious walk-in closets, private patios/balconies, & fireplaces (select units). Once the interior renovation program is complete, all units will feature stainless steel appliances, wood vinyl plank flooring, resurfaced counters, new cabinet doors and new fixtures throughout. Additionally, the property offers a comprehensive amenity package including a swimming pool, a clubhouse containing a fitness room and a business center, and a dog park.

The asset represents a value-add investment with moderate interior and exterior renovation characteristics. SP will continue renovating units to the spec level initiated by prior ownership, while also adding minor aesthetic upgrades. In addition to unit interiors, the asset will receive improvements to the leasing center/clubhouse and pool deck amenity area.

SP closed on The Lodge on 84th in Federal Heights in December 2017, and owns affordable housing properties throughout metro Denver. The Denver MSA and is a thriving market, with the lowest unemployment rate in the country, a diverse mix of industries and employers, and a rapidly expanding population in its second ring. 

Tad Johnson, Investment Manager at Security Properties says, “Castle Rock is an attractive submarket with long term growth potential due to its proximity to Denver’s Tech Center and RidgeGate, and The Bluffs at Castle Rock is a quality asset that we are excited to own.”

The property will be managed by Security Properties-affiliate Security Properties Residential.

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KANSAS CITY, MO – JVM Realty, a leading vertically integrated multifamily real estate investment and property management firm, announced it has bought Apex on Quality Hill, a 138-unit luxury apartment community in downtown Kansas City, Mo. JVM Management will manage the community.

Constructed last year, the amenity-rich community is located in Quality Hill, a revitalized historic neighborhood just west of Kansas City’s central business and financial district; the neighborhood sits on a 200-foot-high bluff overlooking the West Bottoms area. The neighborhood also is near both the well loved Power & Light District – which includes The Sprint Center, the Kansas City Convention Center, and an array of dining and entertainment establishments – and the Crossroads Art District, which features a charming, funky mixture of boutique shops, restaurants and art galleries. Furthermore, KC Streetcar, a well loved free-to-ride streetcar system, is just a few blocks away from the apartment community. 

JVM also owns and manages Apex’s sister property, the 252-unit Summit on Quality Hill, which is located a block away.

“We could not be more excited about the addition of Apex on Quality Hill to our portfolio,” said Jay Madary, president and CEO of JVM. It’s a fantastic combination: a best-in-class property in a thriving submarket. “The future of this community is exceedingly bright, as it’s perfectly positioned to deliver the highly amenitized, walkable, intown living experience so highly sought by much of today’s renters. Combine these factors with our management expertise, and we are confident this community will deliver optimized property performance and value to our investors and residents.”

Two of JVM’s equity funds – Fund 6 and Premier Fund II – are invested in Apex on Summit Hill and its sister community. The funds, whose investors include high net worth individuals, trusts and insurance companies, closed late last year. Combined, the funds raised $109 million and are co-invested in a total of five communities in Indianapolis, Kansas Cityand suburban Chicago. Premier Fund II also is invested in an additional community in Aurora, Ill.

The pet-friendly Apex on Quality Hill has all of the amenities an urban professional would want, including a resort-style pool; state-of-the-art fitness center; AT&T, Google and Spectrum internet connections; heated garage parking; electric car charging stations; 24-hour electronic package delivery system; and dry cleaning pick-up/drop-off service.

The community offers one- and two-bedroom apartment homes. The units feature granite countertops in bathrooms and kitchens, sophisticated faux wood floors in all living areas, front-load washers and dryers, large private patios and balconies, designer tile backsplashes, dishwashers and stainless steel appliances.

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ANAHEIM, CA – WNC, a national investor in real estate and community development initiatives, announced that, in partnership with its subsidiary, Community Preservation Partners (CPP), and non-profit Jamboree Housing Corporation, the company has completed the $6.56 million (or $36,635 per unit) renovation of Miracle Terrace Apartments in Anaheim, Calif. WNC provided approximately $17 million in low-income housing tax credit (LIHTC) equity to help fund the acquisition of and renovations to the 179-unit community. 

“Rehabilitating Miracle Terrace Apartments is crucial in a market like Orange County, where demand for multifamily product consistently outpaces the development of new stock and where affordable properties are increasing being renovated for higher income renters,” said WNC Chief Operating Officer Michael Gaber. “We are very pleased to be able to team up with our subsidiary Community Preservation Partners in this project and provide seniors ages 62 and older with upgraded living units, amenities, safety and more.”

Located at 225 S. Western Ave., the community is comprised of 71 studio units, 107 one-bedroom units, and a single two-bedroom unit for the onsite manager. Amenities include, a community room, picnic area, laundry facilities, security gating, onsite management and elevators. Miracle Terrace Apartments is open to seniors ages 62 and older with household incomes between 35 percent and 60 percent of the area’s median income level. 

“CPP is excited to deliver this completely renovated community to the Orange County area in partnership with Jamboree Housing Corporation, less than one year after we closed the acquisition,” said CPP President Anand Kannan. “More than 200 low-income senior citizens living at Miracle Terrace were at risk of losing their homes if the HUD subsidies expired; but, the renovation and subsequent negotiations with the Anaheim Housing Authority has protected their home, whilst providing a better place to live.”

CPP is an affordable housing rehabilitation company that owns more than 5,000 units across the United States. Its mission is to enrich lives and strengthen neighborhoods by recapitalizing, rehabilitating and preserving aging affordable housing communities. CPP provides simple, practical solutions to complex challenges facing housing authorities, nonprofits and investors.

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