Las Vegas—Security Properties purchased Orchard Club, an affordable community located at 1220 Tree Line Drive in Las Vegas, for $27.2 million. Originally built in 2001, the community offers two adjacent properties—Sunrise Palms, which houses 122 units of senior living, and Orchard Club, which provides 220 units of low-income housing. Both properties were sold within the one transaction.
The community comprises one-, two- and three-bedroom floorplans ranging from 625 to 1,148 square feet. In-unit features include washer/dryers, vaulted ceilings, walk-in closets and private balcony/patios. Residents have access to a fitness center, business center, clubhouse, playground, barbecue picnic area, swimming pool and 320 parking spaces.
The property was developed using Low Income Housing Tax Credits and HOME funds from the Nevada Housing District. The affordable housing restrictions will remain in place for the next 15 years due to a regulatory agreement.
“Orchard Club is a strategic acquisition for Security Properties, as we are committed to growing our relationship with Nevada Housing Division in an effort to aggressively acquire, preserve and develop high-quality affordable housing throughout Las Vegas and Reno,” Bryon Gongaware, managing director of the Affordable Housing Group for Security Properties, told Multi-Housing News.
JLL Capital Markets provided the 15-year term fixed rat loan and utilized Fannie Mae’s Green Rewards program, which will provide funding for sustainable upgrades the company plans on implementing. The property will be managed by Madrona Ridge Residential, an affiliate of Security Properties.
Image courtesy of Yardi Matrix