October 4, 2019
Seattle-based Security Properties acquired the Lofts at 7100, a Class A wrap-style multifamily property in Las Vegas from PCCP for $80 million. The Northwest Las Vegas submarket asset was originally developed in 2008, and includes a total of 379 residential units.
The apartments feature 11-foot ceilings, with some loft-style units designed with 30-foot ceilings; fully-appointed kitchens, full size washer/dryers and either a private patio/balcony or sunroom. Additionally, the property’s amenity package includes two resort-style pools with spa, 24-hour fitness center, clubhouse, pet exercise park, business center, secured parcel room and garage parking.
The business plan is a longer-term investment with moderate upgrade characteristics. Security Properties will be focusing on establishing a uniform spec level.
Security Properties now owns 123 assets totaling roughly 24,500 units across its portfolio, including five properties encompassing more than 1,500 units in the Las Vegas marketplace.
For comments, questions or concerns, please contact Dennis Kaiser