NASHVILLE, Tenn. , Feb. 16, 2023 /PRNewswire/ — Security Properties and Enterprise Community Investment partnered to acquire Hickory Hollow Towers and Colony Square Apartments on January 31st, 2023. This acquisition marks the 10th and 11th joint venture between Security and Enterprise. Financing was provided by Fannie Mae through Berkadia.
Hickory Hollow is a 154-unit, senior affordable housing community located in Antioch, TN and Colony Square is an 80-unit, family affordable housing community located in Smyrna. TN. Both properties will benefit from significant renovations, including parking lot asphalt, roof repairs, energy efficiency upgrades, plumbing repairs, and community amenity improvements.
These transactions mark Security Properties’ first acquisition of affordable properties in the state of Tennessee. “We are excited about planting a flag in the Nashville MSA and investing in these communities for the future as we continue to grow our footprint in Tennessee,” said Chase Olson, Associate Investment Manager with Security Properties.
Sean Burrowes, Director, Affordable Housing added “Hickory Hollow Towers and Colony Square are important assets that provide crucial affordable housing in a market that has seen a significant increase in rents and a decrease in market-rate affordability. Security Properties is committed to providing safe, high quality and service enriched housing at Hickory Hollow Towers and Colony Square and looks forward to ensuring that these properties remain affordable for future generations of seniors and families in the Greater Nashville area.”
Both properties will be managed by Security Properties-affiliate Security Properties Residential.
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.
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
SOURCE Security Properties