Security Properties Acquires 296-Unit The Edge at Traverse Point Apartments in Henderson, Nevada

https://www.multifamilybiz.com/News/8846/Security_Properties_Acquires_296Unit_The_Edge_at_T...

HENDERSON, NV - Security Properties purchased The Edge at Traverse Point, a 296-unit, Class-A garden-style community located in Henderson, NV.

The Edge at Traverse Point is located within the highly desirable Henderson submarket. Situated just 20 minutes southeast of both the Las Vegas Strip and downtown Las Vegas, Henderson has historically been the area's top-performing submarket. Rents in this area have increased approximately 20% over the previous three years and was one of the metro's first submarkets to bounce back after the recession in terms of rent growth.

The asset has a strong micro-location at the intersection of Wigwam Parkway and N. Gibson Road with a grocery-anchored retail center within ½ mile. With direct access to Interstate 215, the valley's primary thoroughfare, residents are afforded convenient access to a multitude of area dining, retail and entertainment options.

The units feature nine-foot ceilings, stone countertops, stainless steel appliance package, large walk-in closets, garden-style tubs and full size washer/dryers. Additionally, the property offers a complete amenity package including two resort-style pools with spa and cabanas, 24-hour fitness center, theater room, pet exercise park, business center, outdoor fire pit and picnic areas with barbecues.

The business plan is a light value-add. SP plans to update unit interiors with vinyl plank flooring throughout all living areas (keeping the carpeted bedrooms) as well as update lighting and adding USB outlets, cabinet pulls and nest thermostats. By executing these upgrades, The Edge will not only feature unit finishes competitive with new construction in the area, but also offer an amenity package that is among the best-in-class. 

Davis Vaughn, Senior Director of Investments at Security Properties says, "Henderson has been a focus for us due to the outstanding demographics and schools.  The ability to acquire high-quality product like this below replacement cost was an opportunity we could not pass up as we remain committed to Las Vegas for the long term and are excited to add this to our growing Vegas portfolio. "

The property will be managed by Security Properties-affiliate Security Properties Residential.