Multifamily

Castle Rock Apartments Sell for $16.5M

CASTLE ROCK — On December 28, Seattle-based Security Properties, a national real estate investment, development, and operating company, purchased Highlands at Red Hawk, a 56-unit, Class-A, garden-style apartment community located in Castle Rock for $16.5 million. Security Properties now owns 12 assets in Colorado totaling 2,393 units.

Highlands at Red Hawk is a Class-A, garden-style apartment community constructed in 2018. The asset consists of 56 units spread out across five residential buildings and 4.55 acres. The units feature a variety of large, townhome style floor plans with direct-access garages, designer backsplashes, granite countertops, stainless steel appliances, in-unit, full-size washer/dryers and walk-in showers with custom tiles. Additionally, the property offers a comprehensive amenity package including a swimming pool, a small clubhouse, and a dog wash station.

Castle Rock has experienced incredible population growth in the past decade. From 2010 to 2018, the town’s population grew by 39 percent, adding more than 18,000 people and outpacing the tremendous growth seen elsewhere in the Denver MSA. Recently named the 10th fasted growing city by Livability, Castle Rock is expected to grow an additional 34 percent by 2030 within a one-mile radius of the property. Notable in this growth is the presence of families. Per the U.S. Census Bureau, the average household size is 2.76, with a median age of 34.  65 percent of the households are represented by married couples, and ~45 percent have children.

“The Highlands at Red Hawk is a quality addition to our growing Colorado portfolio. The boutique-size of the Property provided a unique opportunity for a long-term investment in an attractive location. This asset will be wholly-owned by Security Properties, and Castle Rock remains a target submarket for future investment,” said Tad Johnson, senior investment Manager at Security Properties.

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

Photo courtesy of Security Properties

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