MESA, AZ - Security Properties, along with an East Coast life insurance company, teamed up to acquire Sonora Canyon, a 388-unit apartment community in Mesa, Arizona, for $30,000,000. Security Properties had previously purchased the property in 2005, then known as University Green, for $22,000,000 and sold it in 2007 for $33,300,000.
With this new acquisition, Security Properties is planning $2,600,000 in upgrades over the next three years. The renovation scope of work includes an upgrade to the clubhouse, pool; exterior lighting and exterior paint, along with some value add unit interior improvements.
Along with other primary and secondary Western U.S. markets, Security Properties has been active in the Phoenix Metro and its surrounding submarkets for over a decade and it attracted to the area's continued population growth and the continued diversification of its employment base into the healthcare, technology, alternative energy and semiconductor sectors.
According to David Dufenhorst, chief investment officer at Security Properties, several factors prompted the pursuit of this asset. "Sonora Canyon provided us and our partner with a unique opportunity to buy an asset we knew extremely well at a significant discount to replacement cost along with the potential to add numerous value add upgrades and the catalyst of a light rail station being completed within walking proximity to the property in 2018."
Source: Security Properties / #Apartments #Multifamily