Colorado Real Estate Journal - January 21, 2015
Security Properties teamed with Enterprise Community Investment Inc. and the Colorado Springs Housing Authority to acquire the 160-unit Winfield Apartments in Colorado Springs. The property at 6134 Romley Point sold for $13.2 million and comprises affordable apartments for individuals and families earning less than 60 percent of area median income. The Winfield Apartments is the fifth affordable acquisition by Security Properties in Colorado over the past two years and the company’s first acquisition in Colorado Springs. It also represents the second joint venture between Security and Enterprise, which purchased the 220-unit Reserve at Northglenn Apartments in February. Built in 2001, the community was sold by Academy Heights Housing Partners, a former affiliate of the Steadfast Companies. The garden-style apartment community comprises a mix of two- and three-bedroom apartments and includes washer and dryer hookups in each unit, a fitness center, clubhouse and playground. “This was a strategic acquisition that allows ownership to leverage the strengths of its operational expertise, as well as enter the growing and dynamic market of Colorado Springs,” said Bryon Gongaware, managing director of Affordable Housing for Security Properties. Security Properties will invest capital for improvements to both the interior and exterior of the property. The sellers were represented by Jeff Kunitz and Brandon Grisham of the Tax Credit Group of Marcus & Millichap. The acquisition partnership assumed existing Fannie Me financing and sourced a supplemental, co-terminus Fannie Mae loan through Citi. With the acquisition of Winfield, Security Properties owns approximately 1,660 units in Colorado.