June 30, 2016
Security Properties made its fourth Las Vegas investment, buying the 414-unit, Class A Avanti Apartments for $57 million. Fairfield Residential sold the Class A property to the Seattle buyer.
The property is at 10697 W. Centennial Pkwy. in a submarket with 4.6% vacancy. The low vacancy, combined with very limited supply, likely means strong rent growth forecasts in the area for the foreseeable future. The new owner plans light renovations, and the property will be managed by Security Properties-affiliate Madrona Ridge Residential.
“Avanti was a great opportunity for us to buy a core-plus asset in a dynamic location well below replacement cost,” said Davis Vaughn, Investment Manager with Security Properties. “The recent and future expansion of the Providence and Skye Canyon master planned communities should strengthen the fundamentals of this area long term.”