Black Mountain Villas, a 296-unit, multi-family property located in Henderson, Nevada was recently acquired by Security Properties through its Security Properties Multi-family Fund III in its second joint venture with New York Life Real Estate Investors.
"We feel that townhome product is undersupplied in Henderson on the rental side. New rental construction features primarily one and two bedroom units while the for-sale side usually builds the bigger units, but often with minimal amenities," said Davis Vaughn, Investment Manager of Security Properties. "By updating the interiors and amenities, we plan to offer the amenities typical of newer multi-family developments in a property with larger units. Once the renovation is complete, this asset will offer distinctive condo-style unit types, but with the convenience and flexibility of renting. We look forward to creating value for our investors with this acquisition."
According to the press release of Security Properties in PR News Wire, the Black Mountain Villas Apartments was built in three phases between 2001 and 2006. All the 296 units of the multi-family property feature three bedrooms, two-and-a-half bathrooms, and two-car direct access garages. The said property was originally built as a condominium-type building. As a result, all units offer a two-storey townhome style, with large floor plans and garages that are very rare in the area.
Extensive upgrades and renovations such as updates in the interiors of all units are being planned in order for the Black Mountain Villas Apartments to compete directly with Class A multi-family properties in the area.
Madrona Ridge Residential, an affiliate of Security Properties, is responsible for the management of the property.
Security Properties is a Seattle-based national real estate investment, development and operating company that has been providing quality housing to its residents as well as excellent financial performance for its investors for more than 45 years.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise that has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds.