Denver-Area Multifamily Community Picked Up for $78.5 Million
Security Properties and Tokyu Land US Corporation purchased Summit Riverside in Littleton, Colorado for $316,000 a unit. The property is adjacent to the South Platte River and has direct access to the Mary Carter Greenway, a walking trail that connects with Denver to the north.
The asset consists of 248 units spread out across 21 residential buildings. The residential units are a mix of studio, one and two-bedroom floorplans with an average size of 777 square feet.
Security Properties now owns five market-rate assets totaling over 1,500 units in Colorado. The property is Tokyu’s first investment in the Denver area.
Security Properties Tad Johnson saw potential in the community, “The unique site-plan offers an attractive setting for Security Properties to make needed improvement to the physical asset.”
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.