HENDERSON, NV – Security Properties bought Martinique Bay, a 256-unit multifamily property located in Henderson, NV for $42,750,000. SP now owns six assets totaling nearly 1,800 units in the Las Vegas marketplace.

Situated just 20 minutes southeast of both the Las Vegas Strip and downtown Las Vegas Martinique Bay is located within the highly desirable Green Valley neighborhood, an 8,000-acre premier master-plotted community.

Along with Summerlin, Henderson/Green Valley is widely considered the market’s most desirable area to live. Average household income within a 3-mile radius of the property is 23% higher than the metro average. 

The asset has a fantastic micro-location at the intersection of Sunset Road and Green Valley Parkway with a Trader Joe’s anchored retail center next door to the site. With direct access to two major thoroughfares residents are also afforded convenient access to a multitude of area dining, retail and entertainment options.

Martinique Bay is a garden-style apartment community that was constructed in 1989. It consists of only two and three bedroom units with an average unit size of 1,089 SF.

The business plot is a moderate value-add. To date, a total of 91 units have been upgraded throughout the property. Previously renovated unit interiors include: faux stainless steel appliances, re-surfaced laminate countertops, faux wood vinyl-sheet flooring throughout the living areas and new carpet in bedrooms, replaced cabinet fronts with hardware and painted cabinet boxes to match, light fixtures, plumbing fixtures, two-tone paint, scrapped ceilings, and six panel doors. SP plans to continue this rehab strategy by renovating the remaining 165 original units to a similar interior scope. The business plot also includes the installation of a new dog park area, children’s splash park, poolside fire pit with seating, three barbecue areas as well as a full exterior paint of the property.

According to Davis Vaughn, Senior Director at Security Properties, the acquisition was made because, “Martinique Bay has an brilliant in-fill location adjacent to a grocery store.  This, combined with large units that cater to families, makes a fantastic value proposition for those looking to access the local schools.  With our rehab program we will be able to offer renovated units at a price point significantly below new construction and make value for our investors.”

The property will be managed by Security Properties-affiliate Security Properties Residential. 

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ALEXANDRIA, VA – CIM Group announced that it has bought EOS Twenty-One, a 1,180-unit apartment community situated on an approximately 30-acre site at 140 South Van Dorn Street in Alexandria, Virginia. The apartment community consists of 14 four- and five-tale buildings.

CIM identified the Washington, Arlington, and Alexandria area more than fifteen years ago, and invested in several communities after determining that these communities possessed the attributes that align with CIM’s investment strategy, which focuses on established and emerging urban areas with solid infrastructure and transportation networks.

EOS Twenty-One is conveniently situated just off I-395 inside the Capital Beltway (I-495), and it is four miles from Ancient Town Alexandria. EOS Twenty-One’s location one mile north of the Van Dorn Metro Station is accessible by a shuttle service provided by the property, which allows for simple connection to the region’s thriving employment centers, such as Washington, D.C., Pentagon City, Crystal City, and the Rosslyn-Ballston Corridor.

Located in the Van Dorn Corridor, EOS Twenty-One is proximate to an abundance of dining, entertainment, and other attractions. The community features multiple common and recreation areas, such as a large clubhouse, fitness center, game room, business center, and theatre room. EOS Twenty-One also offers an on-site convenience store and deli as well as several outdoor amenities, which include two resort-style swimming pools, tennis courts, barbeque and picnic areas, a playground, and a dog park.

EOS Twenty-One was constructed in phases between 1968 and 1972, and its units feature spacious layouts. Renovations completed in recent years to EOS Twenty-One’s buildings, units, common areas, and amenities have transformed the property into a contemporary living environment with sought after conveniences.

CIM brings to EOS Twenty-One and the greater Washington, D.C. area its broad real estate expertise and experience in reinvigorating the communities in which it invests. Since 1994, CIM has made a commitment to enhance its properties by increasing sustainability, efficiency, and quality for tenants, residents, and visitors as well as enhancing the character and value of the communities. CIM’s investments in the greater Washington, D.C. area have included the Park Place at Van Dorn apartments, Rockville Town Center, Waterview Rosslyn, City Vista, 370 L’Enfant, and 800 N. Capitol.

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TAMPA, FL – Vesper Holdings, a privately-held real estate investment firm based in New York City, announced the acquisition of The Social at South Florida located in Tampa, Florida.  With this latest transaction, Vesper’s student housing portfolio now totals nearly 17,000 beds. Inclusive of this acquisition, Vesper has bought 11 properties totaling over $370 million over the last 14 months.

The Social at South Florida is a 560-bed apartment community that caters to students enrolled at the University of South Florida (“USF”). Completed in 2000, The Social is located less than a mile from campus. The property consists of two- and four-bedroom floor plans – all with bed-to-bath parity.  Apartments feature large fully-equipped kitchens, flat screen televisions, full-sized washers and dryers, along with high-speed internet. The Social offers students a full range of amenities including a swimming pool, fitness center, tanning beds, basketball court, study room, and business center.

Vesper bought The Social at a discounted price of $26 million in an off-market transaction. Vesper is plotting to invest over $1 million in capital expenditures. Property improvements will include a renovation of the units and amenities, as well as extensive enhancements to the property’s exteriors and substantial technology upgrades throughout the complex.

The Social is Vesper’s second acquisition in the USF market. Vesper also owns The Ivy, a 1002-bed student housing property that it bought in 2014. Vesper has maintained near 100% occupancy at The Ivy since completing renovations in 2015.

“Our acquisition of The Social is part of a strategy to buy well-located properties with superior risk-adjusted returns,” commented Isaac Sitt, co-founder and principal of Vesper Holdings. “Since we were able to buy this asset in off-market transaction at a discount, we are in a position to invest necessary capital and offer the property to students at highly competitive rental rates. We are pleased to expand our footprint in the USF market and incorporate this property into our rapidly growing student housing portfolio.”

Vesper’s student housing portfolio is among the 10 largest in the United States. Vesper’s portfolio, including The Social, is managed by Vesper’s in-house property management company – Campus Life & Style (CLS). 

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