SEATTLE, WA -Security Properties bought Highlands at Red Hawk, a 56-unit, Class-A, garden-style apartment community located in Castle Rock, CO for $16,500,000. Security Properties now owns 12 assets in Colorado totaling 2,393 units.

The asset is a Class-A, garden-style apartment community constructed in 2018. The asset consists of 56 units spread out across five residential buildings and 4.55 acres. The units feature a variety of large, townhome style floor plans with direct-access garages, designer backsplashes, granite countertops, stainless steel appliances, in-unit, full-size washer/dryers and walk-in showers with custom tiles. Additionally, the property offers a comprehensive amenity package including a swimming pool, a small clubhouse, and a dog wash station.

Located in Douglas County – the 5th wealthiest county in the U.S. – Castle Rock is most notably recognized for its concentration of families, rolling hills, and silent feel, despite its proximity to an otherwise booming market. Geographically, Castle Rock is distinctive in that it represents the median between Denver and Colorado Springs, the two largest population centers in Colorado. Between Castle Rock and Denver lies the Southeast Business Corridor, home of 260,000+ employees sprawling 42 million square feet of office space.

Castle Rock has experienced incredible population growth over the past decade. From 2010 to 2018, Castle Rock’s population grew by 39%, adding over 18,000 people and outpacing the tremendous growth seen elsewhere in the Denver MSA. Recently named the 10th quickest growing city by Livibility, Castle Rock is expected to grow an additional 34% by 2030 within a one-mile radius of the property. Notable in this growth is the presence of families. Per the U.S. Census Bureau, the average household size is 2.76, with a median age of 34.  65% of the households are represented by married couples, and ~45% have children. 

Per Tad Johnson, Senior Investment Manager at Security Properties, “The Highlands at Red Hawk is a quality addition to our growing Colorado portfolio. The boutique-size of the Property provided a unique opportunity for a long-term investment in an attractive location. This asset will be wholly-owned by Security Properties, and Castle Rock remains a target submarket for future investment.”

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

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SAN FRANCISCO, CA – U.S. households spent a record amount on rent in 2018 despite a decrease in the number of households who rent their home, according to a new HotPads analysis. Overall, the U.S. spent $504.4 billion on rent in 2018 – more than the entire GDP of Belgium ($494.7 billion)and three times the current net worth of Amazon CEO Jeff Bezos ($124 billion).

Renters spent $12.6 billion more paying their rent in 2018 than they did in 2017. The current median rent is $1,475, up 3 percent from a year ago. Throughout 2018, rents rose about 3 percent year over year – continuing a gradual slowdown in rent appreciation that started in mid-2016.

But, the number of renter households in the U.S. decreased slightly in 2018. There were about 43.2 million renter households across the country this year – nearly 100,000 fewer than in 2017.

A gradual slowdown in rent appreciation has allowed renters looking to buy homes greater ability to save for a down payment in recent years, and millennials – the generation comprising half of today’s renters — are also buying homes more than any other generation. With more eligible buyers on the market, the number of renter households has decreased slightly over the past year.

“After several years of a booming economy, more millennials became financially able to become home owners in 2018,” said Joshua Clark, economist at HotPads. “But, rent affordability continues to be a challenge, as those who still rent are paying even higher prices now than they were a year ago. If interest rates continue rising in 2019, more would-be homebuyers may choose to continue renting, which could place additional pressure on rent prices. Fortunately for renters, the housing market is also cooling nationwide, signaling that the entire market may be leveling off and making it simpler for renters to keep up with housing expenses.”

Of the 50 largest metro areas in the U.S., renters in the New York City metro area spent the most on rent this year – a total of $55.6 billion. But, rent growth in the New York metro also slowed in 2018. Rents in the New York City metro area are rising just 1 percent annually now, compared to 1.8 percent annually at this time last year. 

While rent appreciation has been steady or slowed in many metro areas, some markets in the Southeast and Southwest are still seeing significant price gains. Rents are appreciating the fastest in Orlando, Las Vegas and Phoenix, at a rate more than twice as quick as the national median. Renters in Orlando and Las Vegas spent about $4.4 billion on rent in 2018, while renters in Phoenix spent about $7.5 billion.

Read the full report at HotPads.com.

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JACKSONVILLE, FL – Carter Multifamily announced its acquisition of the 262-unit Moncler Landings for approximately $23.2 million. As a result of Carter Multifamily’s strategy to transform the property through a series of renovations and upgrades, the community will be rebranded as The Oaks on Monument. 

Built in 1975, The Oaks is located at 401 Monument Road in Jacksonville, Florida, and offers affordably priced 1-, 2-, and 3-bedroom apartment units ranging from 450 to 1055 square feet of space. Located seven miles east of Downtown Jacksonville,

The Oaks is situated off of I-295 providing convenient access to some of the area’s largest employment hubs, including Jacksonville International Trade Port, a 425-acre business park with employers such as Amazon, Mercedes, General Electric, and DHL. To the south, I-295 provides direct access to the Butler Corridor/Deerwood Parkwhich has over 14.5 million square feet of office space and employers such as Deutsche Bank, Bank of America, and Citibank, as well as Ikea’s newly opened 290,000 square foot retail store. 

“The Oaks marks our third acquisition in this area of Jacksonville, which we believe has proven to be a strong market with year-over-year rent growth fueled by a flourishing economy and impressive job growth,” said Cindy Pfeifer, chief executive officer of Carter Multifamily. 

Carter Multifamily intends to reposition The Oaks to be a best-in-class apartment community to serve the area’s large concentration of medical, retail, technology and marine science professionals. Renovations will include updates to apartment home interiors and common areas, including the pool, playground and recreational areas. There are also plans to add a fenced-in dog park, sports court, internet café, and added outdoor gathering areas.

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