September 15, 2016
Security Properties made a deal with Hamilton Zanze for the 432-unit Arches at Hidden Creek. The Seattle-headquartered investor paid $55 million for the 30-year-old asset, at 1586 W. Maggio Way in Chandler, AZ. Security Properties owns five assets in the Phoenix metro.
The new owner plans a moderate value-add, starting a rehab strategy launched by the seller on 133 of the units. Interior upgrades will include faux wood flooring and granite countertops, new cabinet fronts, updated hardware and plumbing fixtures, and new appliances. The property will be managed by Madrona Ridge Residential, a Security Properties affiliate.
“With a basis well below replacement cost, we expect to produce outstanding risk-adjusted returns to our investors with this purchase,” said Davis Vaughn, Security Properties’ director.
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