Location Proves Key in Latest Security Properties Buy

An acquisition is poised to benefit from an adjacent massive mixed-use, master-planned community.

Verona_photoHenderson, Nev.—A 2007-built Class A asset in Henderson, Nev., has changed hands. Seattle-based Security Properties grabbed Verona Apartment Homes for $40 million. The 275-unit purchase represents the firm’s second purchase in the Las Vegas market via its Multifamily Fund II. The asset was sold by its developer, Ovation.

“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,” said Davis Vaugh, investment manager at Security Properties. “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.”

Verona_MapLocation, as it tends to do, played a big role in the purchase. The asset is located close to the Galleria Mall and I-515, and is adjacent to Union Village, a $1.2 billion, 155-acre master-planned mixed-use project that is under construction.

It should come as no surprise that a value-add plan is in play. Security Properties has plans to update the exterior, clubhouse and amenity spaces in the near term. A light renovation of unit interiors will follow. There is no word on current occupancy, but Yardi Matrix data show average rents in the $1,050 range. Amenities at the property include a fitness center, clubhouse, swimming pool, spa and covered parking.