LAS VEGAS, NV – Security Properties bought Orchard Club, a 342-unit affordable multifamily property in Las Vegas, Nevada, for $27,200,000.

Orchard Club is a garden-style community comprised of a mixture of family and senior, income restricted units. The property was originally developed in 2001 utilizing a combination of Low-Income Housing Tax Credits (LIHTCs) and HOME funds from the Nevada Housing District (NHD). A Regulatory Agreement tied to those original sources of financing ensures that the affordable housing restrictions will remain in-place for the next 15 years.

Orchard Club is a valuable addition to Security Properties’ Las Vegas portfolio which already consists of over 1,400 conventional multifamily units across the greater metropolitan area. The company believes that Las Vegas’s multifamily market fundamentals continue to trend in a positive direction as the supply of new apartments has been slower to respond to growing demand than it has in many other major US cities.

“This acquisition increases our already strong investment in the Las Vegas market, and allows us to preserve this high-quality affordable housing community for the next 15 years with energy efficiency upgrades and capital investment,” states Bryon Gongaware, Managing Director of the Affordable Housing Group for Security Properties.

JLL Capital Markets provided a 15-year term fixed rate loan on the property and utilized Fannie Mae’s Green Rewards program which will provide funding for energy efficiency upgrades throughout the property.

“JLL was very pleased to have the opportunity to provide the acquisition financing for this asset. This closing marks the most recent of many transactions that we have closed for Security Properties all of which have been sound investments that will generate significant returns for investors but will also improve the quality of life of the tenants and continue to provide much needed high quality affordable housing,” notes Tim Leonhard, International Director of JLL Capital Markets.

The property will be managed by Madrona Ridge Residential, an affiliate of Security Properties.

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PHOENIX, AZ – Shepley Bulfinch, a national architecture firm known for design excellence and innovation with offices in Boston, Houston and Phoenix, announced the grand opening for phase one of en Hance Park, a distinctive condominium development in downtown Phoenix.

This first of three project phases for en Hance Park comprises 49 units and 65,000 SF of total living space. Located at 2nd and Moreland Streets, en Hance Park overlooks Margaret T. Hance Park, a 32-acre green space and cultural destination, and is steps from the Roosevelt Row arts district and other urban amenities.

As one of the first new developments in this re-emerging downtown district, en Hance Park will serve as an anchor for future growth. Shepley Bulfinch is working closely with developer Sencorp on this transformational urban development project which, when complete, will cover nearly an entire city block.

The new en Hance Park is open, airy and contemporary with clean lines and modern amenities. As an intentional contrast to more elaborate facades nearby, there is a distinct simplicity to en Hance Park’s exterior. The building is clad in metal panels and smooth stucco using a color palette reminiscent of the surrounding desert. This gives the building a sleek appearance that is also warm and inviting, fitting in perfectly with the sprawling park across the street.

“Our goal for en Hance Park was to build smartly-designed residences that expertly combine functionality, creativity and sophistication,” said Alvaro Sande, CEO of Sencorp. “Shepley Bulfinch helped us realize our vision through ingenuity and practicality in the design and plotting of this project. The firm gave careful thought to every living space and common area and it is this attention to detail that distinguishes en Hance Park as an urban oasis.”

With the groundbreaking for phase two scheduled for spring 2017, en Hance Park is one of four residential developments Shepley Bulfinch is currently working on in the metropolitan Phoenix area, making an additional million square feet of living space within the city.

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