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.