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Security Properties Acquires Lofts at 7100 Apartment Community in Las Vegas, Nevada for $80 Million

https://www.multifamilybiz.com/News/8999/Security_Properties_Acquires_Lofts_at_7100_Apartme...
 

Security Properties purchased Lofts at 7100, a Class A wrap-style multifamily property located in Las Vegas, NV for $80,000,000. Security Properties now owns 123 assets totaling approximately 24,500 units across its portfolio. This includes 5 properties and over 1,500 units in the Las Vegas marketplace.

The property was originally developed in 2008 and includes a total of 379 residential units. The apartment homes feature eleven-foot ceilings (up to 30ft in select loft-style units), fully appointed kitchens, full size washer/dryers and either a private patio/balcony or sunroom. Additionally, the property offers a complete amenity package including two resort-style pools with spa, 24-hour fitness center, clubhouse, pet exercise park, business center, secured parcel room and garage parking.

The property is located within the affluent Northwest Las Vegas submarket. Situated less than 25 minutes northwest of both the Las Vegas Strip and downtown Las Vegas, the area has historically been among the valley's top-performing submarkets. The community has an excellent micro-location at the intersection of SR-215 and SR-95. With direct access to both of these primary thoroughfares, residents are afforded convenient access to a multitude of area dining, retail and entertainment options. Directly across the street from the site are the submarket's two largest retail centers, Montecito Marketplace and Montecito Crossing. At nearly 200,000 sq. ft. each, these centers offer residents walkable access to a variety of different retailers including a Smith's Grocery less than 100 yards from the community's main entrance. Centennial Hills Hospital, an 8-story 190-bed hospital spanning over 354,000 square feet is also located adjacent to the property and brings a wide variety of high-quality medical jobs and services to the area. Directly to the east of the site is Mountain Ridge Park, a public park featuring seven baseball fields, tennis courts, children's playground, skate-park and a jogging/walking path.

The business plan is a longer-term investment with moderate upgrade characteristics. Unit interiors currently contain a variety of interior finishes. Due to this inconsistency, Security Properties will be focusing on establishing a uniform spec level. The business plan also includes making strategic improvements to the community's amenity package, focusing on the leasing office / entryway, fitness center and outdoor pool area.

According to Alex Gauper, Investment Manager at Security Properties, "Lofts at 7100 presented a unique opportunity for our firm to buy a core-plus asset in a dynamic location and an excellent basis. The continued growth of the Northwest submarket, most recently highlighted by the success of the Skye Canyon master planned community, should further strengthen the fundamentals of this area long term and create value for our investors over the hold." 

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