SEATTLE, June 28, 2016 — On June 23, 2016, Security Properties purchased Avanti Apartments, a 414-unit, Class A multifamily property located in Las Vegas, NV, for $57,500,000. It is SP’s fourth purchase in the Las Vegas market.
The Class A asset was built in 2010 and the units feature nine-foot ceilings with decorative crown molding, faux wood-style flooring, GE steel appliance package, large walk-in closets, garden-style tubs and stackable washer/dryers. Additionally, Avanti offers a complete amenity package including a resort-style pool with spa and cabanas, state-of-the-art fitness center, fireside lounges and picnic areas with barbecues. Security Properties will execute a light renovation of the unit interiors.
The property is ideally located along the Bruce Woodbury Beltway in northwest Las Vegas. The area currently has the lowest vacancy of the six Vegas submarkets at 4.63% per CBRE. The low vacancy, combined with the very limited recent and planned supply, results in strong rent growth forecasts in the area for the foreseeable future. The area is also home to a number of the market’s premier public and charter schools. Within just a four-mile radius of the property are three public elementary schools, two public middle schools, one public high school as well as two private charter schools.
The property is conveniently located along Interstate 215, providing residents quick access to both major retail and employment corridors. The Clark County Department of Public Works is currently underway with a construction project that will add two additional exchange areas as well as three overpass structures. The project is focused along a 2-mile strip of I-215 directly adjacent to Avanti and will result in increased accessibility to both the property as well as area retail and employment corridors.
Davis Vaughn, Investment Manager at Security Properties says Security Properties acquired this asset because, “Avanti was a great opportunity for us to buy a core-plus asset in a dynamic location well below replacement cost. The recent and future expansion of the Providence and Skye Canyon master planned communities should strengthen the fundamentals of this area long term which will create value for our investors over the hold.”
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