Security Properties Acquires Littleton, CO Summit Riverside Apartments

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Jul 26, 2022, 08:44 ET

SEATTLE, July 26, 2022 /PRNewswire/ -- Security Properties and Tokyu Land US Corporation purchased Summit Riverside, a multifamily property located in Littleton, CO for $78,500,000. Security Properties now owns five market-rate assets totaling over 1,500 units in Colorado, having successfully sold two prior assets in 2020 & 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 (DTC) 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.

Summit Riverside is surrounded by major retail including three shopping centers and walking distance to King Soopers, providing residents with quick access to many major necessities. Additionally, Historic Downtown Littleton is less than five minutes from the property, offering boutique shopping, quality dining, and additional entertainment options.

According to Tad Johnson, Director at Security Properties, "Summit Riverside is a strong example of one of our primary investment theses, which is to identify desirable and well located Properties within supply constrained submarkets. The unique site-plan offers an attractive setting for Security Properties to make needed improvements to the physical asset. We are very excited to add Summit Riverside to our greater Denver portfolio and look forward to delivering compelling returns to our investors over our hold."

Ben Cherney, Vice President of Acquisitions for Tokyu Land Corporation added "We are very excited to expand the TLUS footprint with our entry into the Denver market. This investment checks all our boxes: 1. Great location, 2. Opportunity to add value, 3. Great partner. We look forward to being a part of improving this asset and in turn, the living experience for our residents."

The property will be managed by Security Properties-affiliate Security Properties Residential.

About Security Properties

Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 50 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com

About Tokyu Land US Corporation

Tokyu Land US Corporation is a subsidiary of Tokyu Land Corporation, a fully-integrated real estate development and investment company in Japan that operates an urban development business, a residential business, a wellness business, overseas businesses and more. Tokyu Land US Corporation has offices in Los Angeles and New York, and current investments in multifamily and office properties in New York, California, Colorado, Oregon, Georgia, Washington, and Washington DC.

About Security Properties Residential

Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western U.S., Security Properties Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create positive living environments for residents and build value for clients.

News media contact:

Ed McGovern, 206.628.8019
[email protected]

SOURCE Security Properties