SEATTLE, July 23, 2015 — On June 30, 2015, Security Properties purchased Verona Apartment Homes, a 275-unit, Class A multifamily property located in Henderson, NV, for $40,000,000 through Security Properties Multifamily Fund II. It is Fund II second purchase in the Las Vegas market.
The Class A asset was built in 2007 by Ovation, a top developer in the city, and features a heated resort-style pool and spa, controlled access gates, a lavish clubhouse with a second story fitness center, snack bar and a retail shop. Residents enjoy granite countertops, air conditioning, full-size washers and dryers, bay windows and nine-foot ceilings in the apartment homes, 1/3 of which offer direct access garages. Security Properties will execute an exterior refresh that will include the clubhouse and amenity spaces in the near term, with plans to lightly renovate the unit interiors.
Location was an important factor in the pursuit of Verona. In addition to excellent proximity to the Galleria Mall and accessibility to I-515, the property is adjacent to Union Village, a $1.2 billion, 155-acre master planned, mixed-use, integrated health village project that is currently under construction.
Davis Vaughn, Investment Manager at Security Properties says Fund II acquired this asset because, “Las Vegas is a dynamic market with excellent infrastructure and a wide range of emerging industry sectors. The area offers an opportunity for growth not just in the traditional sectors like gaming and hospitality, but also in newer industries like medical and data centers. Given the proximity to Union Village, which we believe will be transformative for both Henderson and the Las Vegas metropolitan area, we look forward to being active in Las Vegas for years to come.”
The property will be managed by Security Properties-affiliate Madrona Ridge Residential.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 45 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 66,500 residential units at a cost of over $3.35 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.