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Seattle-based Security Properties Inc. paid $41M for the 220-unit Willows at Printers Park at 2205 Willow Tree Grove in Colorado Springs.
Built in 1999, Willows at Printers Park is a garden-style community with mostly traditional apartment homes, though there are some walk-up and townhome-style units available. It is 2 miles east of downtown Colorado Springs and has maintained a better than 95% occupancy over the last 12 months.
Security Properties plans to continue renovations to the units that were initiated by the previous owner, Griffis Blessing of Colorado Springs. It plans to add aesthetic upgrades to the clubhouse and expand the amenity offerings.
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“Investors were attracted to the opportunity because of its stable cash flow and clear value-add strategy while being owned and managed by a high-quality operator for more than a decade,” said CBRE Capital Markets Vice President Jake Young, who, with David Potarf, Dan Woodward and Matthew Barnett, represented the seller.
He said there is minimal 1990s and newer product in the area to compete against.
Other attributes that contributed to the high level of interest were the property’s proximity to quality jobs, including the immediate area’s medical-related employment base. The property is a short distance from the Colorado Springs Airport.
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