Las Vegas Residential Property Commands $80M
- Oct 02, 2019
Security Properties, a Seattle-based real estate investment, development and operating firm, has added another Las Vegas asset to its portfolio. The firm acquired Lofts at 7100, a Class A community in the Northwest Las Vegas submarket, for $80 million. The seller was Pacific Coast Capital Partners (PCCP), according to Yardi Matrix data.
A representative from Security Properties could not immediately be reached for comment on the purchase. The Lofts at 7100 was developed in 2008 by Wood Partners before PCCP acquired the property in 2013 while it was in foreclosure.
With this latest buy, Security Properties now owns five multifamily properties housing more than 1,500 units in the Las Vegas metro area and 123 assets and 24,500 units across its entire portfolio. Earlier this month, the firm picked up a 172-unit Class C community in Tempe, Ariz., for $28.2 million.
Located about 13 miles northwest of downtown Las Vegas, the 379-unit Lofts at 7100 (formerly known as Alta Montecito) features loft-style apartments with 11-foot ceilings and full-size washers and dryers and patios or sunrooms in each unit, which average 1,027 feet in size, per Yardi Matrix data. Resident amenities at the property include two swimming pools, a spa, 24-hour fitness center, pet exercise park and garage parking. Security Properties plans to upgrade unit interiors as well as amenity areas at the property.
Recent projects and financing
For PCCP, the sale comes on the heels of a busy summer for the firm, which had its hand in a range of projects. The company, which originates senior and mezzanine loans for commercial real estate firms, also invests equity capital in joint ventures with third party real estate investors and operators.
In August, PCCP provided a construction loan for developer Acquity Realty Inc. to build a 130-unit mixed-use community in San Jose, Calif. Earlier in the summer, PCCP and partner Fore Property Co. broke ground on a 352-unit Class A community near Disney World in Winter Garden, Fla., while PCCP provided $268.4 million to Daydream Apartments to finance the acquisition and stabilization of two Downtown Los Angeles towers for $403.1 million.