SEATTLE--(BUSINESS WIRE)--Security Properties Inc. today announced the purchase of the 192-unit Desert Shadows, an apartment property in Las Vegas, Nevada. This Class A property, which is located on West Charleston Boulevard near the Summerlin submarket of northwest Las Vegas, was built in 2007. The acquisition is the first purchase in Las Vegas by Security Properties and the second purchase by Security Properties Multifamily Fund II.
The purchase price of this core plus, high quality property was $23.0 million and was acquired in a joint-venture with a larger institutional partner, its second joint venture with this large national insurer. Mortgage financing was provided by Grandbridge/BB&T bank. Security Properties will deploy Madrona Ridge Residential, its integrated property management company, to assume management responsibilities to provide residents with outstanding service. As part of its acquisition plan, Security Properties intends to spend $1.1 million to enhance the leasing office, paint the exterior, upgrade landscaping and enhance other common area amenities. Additionally, the property will be rebranded as CenterPoint, with enhanced marketing to benefit from a recovering employment and housing market in Las Vegas.
“The combination of a high-quality asset purchased off-market and the property’s proximity to employers and amenities made this a smart strategic investment for us,” said David Dufenhorst, chief investment officer at Security Properties.
The seller is local developer, who had developed and owned the property since 2007. The property was originally constructed as for-sale luxury condominiums, completed as the local economy went into a sustained downturn. The Property has easy access to both the Las Vegas Strip and other metro area employment centers.
About Security Properties
Security Properties is a national real estate investment and operating company headquartered in Seattle, Washington with a 45-year history in both affordable and conventional multifamily rental housing. The company’s broad range of capabilities includes acquisitions, development, financing, asset and property management, dispositions and advisory services. As one of the largest owners of multifamily real estate in the country, Security Properties has acquired or developed nearly 69,000 conventional and affordable housing units spanning over 483 properties in more than 40 states. For more information, visit www.securityproperties.com.