COLORADO SPRINGS, CO – An affiliate of The Axton Group and The Bascom Group announced they have closed on the sale of two multifamily communities, Park at Penrose and Park at Palmer, in Colorado Springs, Colorado, for $74.1 million. Park at Penrose with 374 units, and Park at Palmer with 112 units, are located at 3802 and 3903 Half Turn Road, in Colorado Springs, situated along N. Academy Boulevard near Austin Bluffs Parkway. These adjacent properties, formerly named Summer Grove and Tanglewood, are located in the Palmer submarket, the fastest rent growth submarket of Colorado Springs.
The Axton / Bascom Partnership bought the properties for $41.15 million in June 2019 and completed a successful multi-year renovation program to upgrade the apartment units and community amenities, resulting in significant renovation rent premiums.
The properties’ booming neighborhood is conveniently located near shopping, dining, outdoor recreation, and strong employment opportunities, driving organic rent growth during the Partnership’s investment period. Major local employers include Amazon and FedEx, located near the Colorado Springs Airport, which is only a 15-minute drive from the properties.
During the investment period, Colorado Springs continued to benefit from a steady influx of employers in the aerospace, military, technology, life science, healthcare and banking sectors who relocated to and expanded in this area. The nearby I-25 provides property residents simple access to many major employment hubs and a direct one-hour commute to Denver.
Park at Penrose and Park at Palmer offer one, two, and three bedroom apartment options. Renovated units include new kitchen appliances and cabinets, updated flooring and lighting fixtures, and bathroom vanities. The properties feature a state-of-the-art fitness center, a dog park, pool, a club house with game rooms and billiards, business centers, and grilling and picnic areas. The Partnership loved several years of strong operating cash flow and successfully re-financed the properties in February 2022.
Axton and Bascom are continuing to focus on investments in the multifamily sector across the United States, with a focus on value-add opportunities that arise as pricing resets amid significant global macroeconomic pressures. The Partnership is grateful for the efforts of the entire team involved in stewarding these assets over the past four years, leading to a successful outcome for the Partnership.

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SEATTLE, WA – Security Properties completed its final Capital Call for Security Properties Multifamily Fund VI, a $200 million moderately leveraged, geographically diversified private equity real estate fund that invested primarily in institutional joint ventures as the General Partner. The structure of these investments afforded Fund VI members an opportunity to participate in shared potential promoted interests in various joint ventures with institutional partners.
Fund VI invested in existing apartment communities in 11 MSAs, from the Nashville and Austin Metros to the West Coast. In total, Fund VI made 28 multifamily investments. Twenty-six of these (80% of Fund VI’s committed equity) are co-GP investments, where Fund VI Members participate as LP’s of the General Partner, an affiliate of Security Properties, and have an opportunity to participate in the General Partner’s share of any promoted returns. Two other Fund VI investments (20% of Fund VI’s committed equity) are directly owned by Fund VI, without an institutional partner.
In total, Fund VI combined its $200 million of committed equity (10%, or $20M, of which, was co-investment from the firm and its employees) into joint ventures with 13 different institutional partners. These institutional partners contributed an aggregate of $780 million of equity, and, together, Fund VI and these institutional partners collectively bought $2.1B of multifamily real estate, comprised of 6,400+ units. Total leverage on the fund was approximately 60% loan to cost.
Security Properties initially targeted a $150 million raise for Fund VI, expandable to a maximum of $200M. Fundraising commenced in Summer of 2021. Although the fundraise was initially projected to take over two years, Fund VI raised the maximum of $200 million in six months.
Fund VI was the sixth in a series of increasingly larger funds that have sought to team accredited investor and smaller institutional capital with Security Properties’ roster of 30 institutional partners in one-off acquisitions. These institutional partners have utilized Security Properties’ nearly 700-person operating and property management platform to allocate capital into over 130 existing, cash-flowing market-rate multifamily properties since 2010.
Ed McGovern, Managing Director of Capital Markets, added “Security Properties has had a long history of working with private individuals to invest in multifamily real estate going back to its founding in 1969. We strive to be communicative, responsive and transparent. We structure our investments so that interests are aligned for all participants and offer the ability for our investors to participate in a large portfolio of institutional apartment real estate.”

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COLORADO SPRINGS, CO – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced the development of The Garrison, a 336-unit Class A multifamily community in the Colorado Springs suburb of Fountain. Thompson Thrift plans to welcome new residents starting late 2024.
“The Colorado Springs area is recognized for its top-quality educational system, ample job opportunities, and an abundance of outdoor recreational activities,” said Josh Purvis, managing partner for Thompson Thrift Residential. “These factors have spurred population growth and The Garrison presents us with an brilliant opportunity to provide a highly desired luxury living rental option for area residents.”
The Garrison will be located near the intersection of Mesa Ridge Parkway and Fountain Mesa Road, adjacent to Fountain’s two major arterials and with simple access to Interstate 25. The development site spans 22 acres and Thompson Thrift will utilize the land’s natural undulation with thoughtful grading to provide unobstructed views of the Cheyenne Mountain range for the 10 three-tale, garden-style buildings. The company is also utilizing native landscaping material that will enhance the natural setting with minimal need for supplemental watering.
Residents will be able to choose from one-, two- and three-bedroom floorplans that will offer up to 1,369 square feet of living space. Thompson Thrift is known for curating amenities and finishes that are on par with for-sale homes and each apartment home will offer gourmet kitchens with elegant quartz countertops, timeless tile backsplash, stainless steel appliances, designer fixtures and finishes, Alexa-compatible smart hub to integrate all smart devices, smart thermostat and smart door locks, walk-in closets, full-size washers and dryers, as well as patio, balcony, and private yard options.
Luxury living will extend throughout the community with amenities such as a professionally decorated clubhouse, resort-style heated swimming pool, 24-hour fitness center, community grilling area, a dog park, convenient Wi-Fi for resident use, pavilion, community garden and more.
Residents will delight in walkability to The Markets at Mesa Ridge, a regional shopping center anchored by Safeway, Lowe’s and Walgreens, as well as small commutes to the area’s major employers including Peterson Space Force Base, Memorial Hospital and Fort Carson, the largest employer in the state of Colorado.
Colorado Springs possesses one of the most educated workforces in the country, with top-notch talent among trades and technology. Lockheed Martin, Bal Seal, Philips, Hewlett Packard, Oracle and more than 140 additional companies leverage their talented job force with fantastic job security due to the stable presence of five U.S. military installations. In recent years, Colorado Springs earned accolades for the most educated city from CNBC and most innovative schools from U.S. News & World Report.
During the past 30 years Thompson Thrift has developed more than $4 billion of ground-up development projects across the Midwest, Southeast and Southwest. The company made a name for itself by being one of the few developers to build high-quality, attractive Class A residential communities with a variety of conventional, luxury leased villa and townhome-style communities.
Thompson Thrift is active throughout the state, with eight communities currently under management or under development.

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