September 27, 2019
Security Properties acquired The Rev Apartments, a Class C multifamily property in Tempe, AZ. The Seattle buyer paid Baron Real Property Holdings LLC $28.2 million for the 172-unit asset.
Situated on 11 acres at 3409 S. Rural Rd., The Rev delivered in 1972. During its two-year hold, the Denver, CO-headquartered seller upgraded the property with new dual-pane windows and slider glass doors, exterior paint, roof repairs and above-the-range microwave ovens. Also updated were the leasing office and fitness center. Security Properties’ plan is a longer-term yield investment with light upgrades, which include more supplemental items to kitchens and improvements to the amenity package.
“Tempe has been a target submarket for us for many years now,” said Security Property’s Alex Gauper. “The area’s central location, combined with unparalleled access to both major employment and retail corridors, make Tempe one of the market’s most dynamic and highly sought-after living destinations.”
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