Security Properties acquires The Bluffs at Castle Rock

Security Properties and ReCap, a Reinsurance Group of America company, purchased The Bluffs at Castle Rock, a 220-unit, Class B+ multifamily property located in Castle Rock, Colorado. Castle Rock, located 30 miles south of Denver, is distinctive in that it represents the median between Denver and Colorado Springs, the two biggest population centers in Colorado. Castle Rock is most notably recognized for its concentration of families, rolling meadows, and quiet 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 plank flooring, custom window shutters, 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.

Discover more on this website

MG Properties Group acquires Thorncroft Farms Apar... MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of Thorncroft Farms Apartments in Hillsboro, OR. Thorncroft is a 340-unit, garden-style, apartment community built in 1998. The property is located in one of Portla...
Del Ray Place more than 50% sold following success... Just a month after the Grand Opening of Del Ray Place, developer Brookfield Residential has announced that more than 50% of the residences have already been sold. Popular demand for this new construction project became clear during Del Ray Place's Grand Opening event held...
$120 million sale of luxury multifamily property i... Walker & Dunlop, Inc. announced that it closed an investment sale for The Quaye at Wellington, a 350-unit, Class AAA multifamily community in The Village of Wellington, Florida. Delivered in 2017 with "Award Winning" quality, the newly constructed property was awarded the 201...
Magnolia Capital enters Chicago market aquiring Va... Magnolia Capital has acquired the 270-unit apartment high-rise, Vantage Oak Park, near Chicago, IL. Built in 2016, the asset is the first portfolio property in the Chicago market for Magnolia Capital and sixth acquisition for the growing real estate investment firm. CBRE's lo...
Share This Post On

Pin It on Pinterest

Share This