SEATTLE, Jan. 29, 2016 /PRNewswire/ -- On January 12, 2016, Black Mountain Villas, a 296-unit, multifamily property located in Henderson, NV, was acquired by Security Properties and an entity owned by Madison Core Property Fund. The asset was purchased through Security Properties Multifamily Fund III in its second joint venture with New York Life Real Estate Investors. It is Security Properties third purchase in the Las Vegas market.
The subject was built in three phases between 2001 and 2006. All of the units are two-story townhome style and feature three bedrooms and 2.5 baths with two-car direct access garages. Originally built as condominiums, it is a 100% rental property and its units offer large floor plans with garages that are very rare in the area.
Henderson has proven to be one of the most desirable submarkets in all of Vegas as it has experienced tremendous rent growth recently. With area job drivers that go beyond the gaming industry, such as medical and data centers, the rent growth should continue for years to come.
There is a value-add component of this acquisition as the amenity package is limited. The exterior and amenity space will be extensively upgraded to compete directly with Class A multifamily in the area. Additionally, as all units feature original interiors, the interiors will also be updated.
Davis Vaughn, Investment Manager of Security Properties says Fund III acquired this property because, "we feel that townhome product is undersupplied in Henderson on the rental side. New rental construction features primarily one and two bedroom units while the for-sale side usually builds the bigger units, but often with minimal amenities. By updating the interiors and amenities, we plan to offer the amenities typical of newer multifamily developments in a property with larger units. Once the renovation is complete, this asset will offer distinctive condo-style unit types, but with the convenience and flexibility of renting. We look forward to creating value for our investors with this acquisition."
The property will be managed by Security Properties-affiliate Madrona Ridge Residential.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 45 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 66,500 residential units at a cost of over $3.35 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors' website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $45.6 billion in assets under management as of December 31, 2015, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
News media contact:
Ed McGovern, 202.622.9900
Jacqueline Meere, 212 576 5301
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SOURCE Security Properties