Security Properties Expands Portfolio with $51 Million Acquisition of Rosemont West 84th
Security Properties, a well-established real estate investment firm operating primarily in the Pacific Northwest, has announced a significant acquisition. The firm has successfully purchased Rosemont West 84th, a 300-unit garden-style residential community located in Federal Heights, Colorado, with a transaction value of $51,025,000. This acquisition marks an important milestone as it represents Security Properties' eighth market-rate investment this year, contributing to a year-to-date deployment that now totals nearly $700 million, aligning the company as a leading player in the multifamily property acquisition landscape across the United States.
The Rosemont West 84th property boasts an array of housing options including studios, one-bedroom apartments, lofts, two-bedroom units, and townhomes. Impressively, almost 90% of the units have already undergone renovations, featuring upgraded finishes and modern amenities. This revitalization of the property not only enhances the living experience for residents but also increases the overall appeal and value of the community.
Strategically positioned just eight miles north of Downtown Denver, Rosemont West 84th provides residents with quick access to major thoroughfares such as I-25 and U.S. 36. These routes connect the community to key employment hubs in Denver, Boulder, and the surrounding Interlocken Business Park, a crucial factor for attracting residents who prioritize convenience and accessibility in their living arrangements.
Security Properties initially acquired this asset back in 2017 but made the decision to sell it in 2021 when market prices peaked. Remarkably, the recent reacquisition of Rosemont West 84th was achieved at approximately one-third lower than its previous sale price and more than 50% beneath the cost of replacing the property. This savvy approach highlights the firm's disciplined investment strategies and readiness to capitalize on favorable market conditions when they arise.
Mark Bates, Chief Investment Officer at Security Properties, commented on the acquisition, stating, “This acquisition highlights our ability to move decisively when we identify opportunities that align with our long-term investment philosophy. Our familiarity with Rosemont and deep knowledge of the Denver market allowed us to underwrite the opportunity with precision.” This acquisition not only strengthens Security Properties' position within the Denver market but also reaffirms the firm's commitment to strategic growth throughout the region, which it first entered back in 2010.
Despite a slight cooling in investor interest across Denver, Security Properties maintains a bullish outlook based on historical performance data, the pressing demand for housing, and a construction pipeline that remains limited. The Federal Heights submarket is particularly noteworthy, having seen only 313 new multifamily units built in the past four years, with no additional market-rate developments currently in the works. This environment further supports long-term rent stability within the market.
Bates also noted, “Even as Denver moves through a period of normalization, its long-term fundamentals remain compelling. A young, well-educated workforce, along with an increasing affordability gap between renting and owning, coupled with a significant slowdown in new supply, indicate a sustained demand for rental housing that is well-located.” He believes that now is an ideal time for Security Properties to deepen its commitment in the Denver area.
The acquisition of Rosemont West 84th aligns seamlessly with Security Properties' overarching strategy of growth in select markets while maintaining a careful and disciplined investment approach. The firm's established relationships, combined with localized expertise, allow them to find and execute opportunities that promise healthy long-term returns.
“Our integrated team and decades of experience allow us to uncover and execute on opportunities that generate strong long-term outcomes,” Bates affirmed. “We’re committed to growing our presence in Denver with the same thoughtful, disciplined approach that has defined our success in the Pacific Northwest.”
For over 56 years, Security Properties has solidified its status as a national leader in real estate investment, development, and management with a diverse portfolio that has included the acquisition or development of over 670 multifamily assets, equating to over 111,000 units valued at upwards of $12.8 billion. Through its fully integrated framework and a history characterized by strategic investing across varying market cycles, the firm has consistently delivered substantial returns and long-lasting value for its partners.
To discover more, visit Security Properties online.
The Rosemont West 84th property boasts an array of housing options including studios, one-bedroom apartments, lofts, two-bedroom units, and townhomes. Impressively, almost 90% of the units have already undergone renovations, featuring upgraded finishes and modern amenities. This revitalization of the property not only enhances the living experience for residents but also increases the overall appeal and value of the community.
Strategically positioned just eight miles north of Downtown Denver, Rosemont West 84th provides residents with quick access to major thoroughfares such as I-25 and U.S. 36. These routes connect the community to key employment hubs in Denver, Boulder, and the surrounding Interlocken Business Park, a crucial factor for attracting residents who prioritize convenience and accessibility in their living arrangements.
Security Properties initially acquired this asset back in 2017 but made the decision to sell it in 2021 when market prices peaked. Remarkably, the recent reacquisition of Rosemont West 84th was achieved at approximately one-third lower than its previous sale price and more than 50% beneath the cost of replacing the property. This savvy approach highlights the firm's disciplined investment strategies and readiness to capitalize on favorable market conditions when they arise.
Mark Bates, Chief Investment Officer at Security Properties, commented on the acquisition, stating, “This acquisition highlights our ability to move decisively when we identify opportunities that align with our long-term investment philosophy. Our familiarity with Rosemont and deep knowledge of the Denver market allowed us to underwrite the opportunity with precision.” This acquisition not only strengthens Security Properties' position within the Denver market but also reaffirms the firm's commitment to strategic growth throughout the region, which it first entered back in 2010.
Despite a slight cooling in investor interest across Denver, Security Properties maintains a bullish outlook based on historical performance data, the pressing demand for housing, and a construction pipeline that remains limited. The Federal Heights submarket is particularly noteworthy, having seen only 313 new multifamily units built in the past four years, with no additional market-rate developments currently in the works. This environment further supports long-term rent stability within the market.
Bates also noted, “Even as Denver moves through a period of normalization, its long-term fundamentals remain compelling. A young, well-educated workforce, along with an increasing affordability gap between renting and owning, coupled with a significant slowdown in new supply, indicate a sustained demand for rental housing that is well-located.” He believes that now is an ideal time for Security Properties to deepen its commitment in the Denver area.
The acquisition of Rosemont West 84th aligns seamlessly with Security Properties' overarching strategy of growth in select markets while maintaining a careful and disciplined investment approach. The firm's established relationships, combined with localized expertise, allow them to find and execute opportunities that promise healthy long-term returns.
“Our integrated team and decades of experience allow us to uncover and execute on opportunities that generate strong long-term outcomes,” Bates affirmed. “We’re committed to growing our presence in Denver with the same thoughtful, disciplined approach that has defined our success in the Pacific Northwest.”
For over 56 years, Security Properties has solidified its status as a national leader in real estate investment, development, and management with a diverse portfolio that has included the acquisition or development of over 670 multifamily assets, equating to over 111,000 units valued at upwards of $12.8 billion. Through its fully integrated framework and a history characterized by strategic investing across varying market cycles, the firm has consistently delivered substantial returns and long-lasting value for its partners.
To discover more, visit Security Properties online.
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