Security Properties Buys $43M Vegas Asset
- Dec 07, 2017
Security Properties has acquired a 256-unit apartment community named Martinique Bay, marking the company’s sixth property in the Las Vegas market. DiNapoli Capital Partners sold off the asset for $42.7 million.
Martinique Bay comprises 48 one-bedroom, 148 two-bedroom and 60 three-bedroom units. Unit size ranges from 1,010 to 1,200 square feet. Common amenities include a fitness center, two swimming pools, a spa and a business center. According to Yardi Matrix, the average monthly rent is $1,132, with occupancy at 97 percent. The property sits on approximately 13 acres and is located at 3000 High View Drive in Henderson, Nev.
The location enables residents to access dining, shopping and entertainment options along East Sunset Road, a few minutes away from the property. The Wildhorse Golf Club is also nearby, as is Sunset Park. Interstates 515 and 215, as well as McCarran International Airport can be reached in around 10 minutes. The Las Vegas Strip is 20 minutes from the property.
Martinique Bay was constructed in 1989. Since then, 91 of its units received interior renovations. Security Properties plans to upgrade the remaining 165 units, with improvements such as faux stainless-steel appliances, re-surfaced laminate countertops, faux wood vinyl-sheet flooring, replaced cabinet fronts, and many others. The value-add business plan includes exterior upgrades, such as a dog park area, children’s splash park, fire pits with seating and a full exterior re-paint. The company recently made another value-add investment in Seattle, with the acquisition of Echo Lake Apartments.
“Martinique Bay has an excellent in-fill location adjacent to a grocery store. This, combined with large units that cater to families, creates a great value proposition for those looking to access the local schools. With our rehab program, we will be able to offer renovated units at a price point significantly below new construction and create value for our investors,” said Davis Vaughn, senior director at Security Properties, in a prepared statement.
Image courtesy of Security Properties