Seattle, WA-based Security Properties and Enterprise Community Investment have partnered to acquired Hickory Hollow Towers, a 154-unit, senior affordable housing community located in Antioch, TN, and Colony Square, an 80-unit, family affordable housing community located in Smyrna. TN.

Financing was provided by Fannie Mae through Berkadia.

The acquisitions mark the 10th and 11th joint venture between real estate investment firm Security Properties and Columbia, MD-based Enterprise Community Investment. The transactions also mark Security Properties’ first acquisitions of affordable properties in TN.

“Hickory Hollow Towers and Colony Square are important assets that provide crucial affordable housing in a market that has seen a significant increase in rents and a decrease in market-rate affordability,” said Sean Burrowes, Security Properties’ director of affordable housing. “Security Properties is committed to providing safe, high quality and service enriched housing and looks forward to ensuring that these properties remain affordable for future generations of seniors and families.”

Photo: Colony Square