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Castle Rock Apt. Complex Sells for $50 Million

Security Properties, ReCap Close on The Bluffs at Castle Rock
February 1, 2018
A joint venture purchased an apartment complex in Castle Rock for $50 million, a mark of a strengthening apartment market in the town.

Seattle-based Security Properties and ReCap, a division of Reinsurance Group of America, purchased The Bluffs at Castle Rock, a 220-unit, Class B apartment complex at 483 Scott Blvd.

The Bluffs at Castle Rock was built in 1998 and is part of the relatively limited apartment stock in Castle Rock, which is steadily growing as the town has evolved as both a retail destination and an employment center, with several new developments underway there.

The complex sold for $227,272 per unit, just under the average per unit price for similar assets in the area, which was $252,161 in 2017, according to CoStar data.

The new ownership will complete renovations to unit interiors, as well as the leasing center and other community areas.

"Castle Rock is an attractive submarket with long-term growth potential due to its proximity to (the) Denver Tech Center and RidgeGate, and The Bluffs at Castle Rock is a quality asset that we are excited to own," said Tad Johnson, investment manager at Security Properties.

A Security Properties affiliate will manage The Bluffs at Castle Rock. Security Properties has acquired or developed 87,000 units valued at more than $6.2 billion since its founding 48 years ago. The company in December purchased The Lodge on 84th in Federal Heights and owns affordable housing properties throughout metro Denver.

For more information on this property, please see CoStar Comp #4123318.

Molly Armbrister, Denver Market Reporter  CoStar Group   
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