Security Properties Acquires Summit Riverside Apartments in Colorado, USA.
MANews-(C)2009-2022
Washington, US-based real estate investment, development, and operating company Security Properties and Tokyu Land US Corp. have purchased Summit Riverside, a multifamily property located in Littleton, Colorado for USD 78.5m, the companies said.
Security Properties now owns five market-rate assets totaling over 1,500 units in Colorado, having successfully sold two prior assets in 2020 and 2021.
The property is Tokyu's first investment in the Denver MSA.
Summit Riverside consists of 248 units spread out across 21 residential buildings located directly adjacent to the South Platte River.
The residential units are a mix of studio, one and two-bedroom floorplans with an average unit size of 777 SF.
The property is located in Littleton, Colorado on the South Platte River. The site is best characterized by its mature landscaping and park-like feel that offers direct access to the Mary Carter Greenway and Platte River trails, which connect to downtown Denver and to the metro area's extensive network of hiking and biking trails.
Littleton features charming main streets, an emphasis on outdoor recreation, and convenient public transit options. Located just 20 minutes outside of downtown Denver and 15 minutes away from the Denver Technological Center Business Corridor, residents and businesses alike are drawn to the high quality of life in the area while still enjoying the convenient amenities of a major metropolitan area.
The property will be managed by Security Properties-affiliate Security Properties Residential.
Security Properties is a national real estate investment, development, and operating...
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