Source: Security Properties / #Apartments #Multifamily
LAS VEGAS, NV - Security Properties Inc. 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.