LAS VEGAS, NV – Security Properties bought Lofts at 7100, a Class A wrap-style multifamily property located in Las Vegas, NV for $80,000,000. Security Properties now owns 123 assets totaling approximately 24,500 units across its portfolio. This includes 5 properties and over 1,500 units in the Las Vegas marketplace.

The property was originally developed in 2008 and includes a total of 379 residential units. The apartment homes feature eleven-foot ceilings (up to 30ft in select loft-style units), fully appointed kitchens, full size washer/dryers and either a private patio/balcony or sunroom. Additionally, the property offers a complete amenity package including two resort-style pools with spa, 24-hour fitness center, clubhouse, pet exercise park, business center, secured parcel room and garage parking.

The property is located within the affluent Northwest Las Vegas submarket. Situated less than 25 minutes northwest of both the Las Vegas Strip and downtown Las Vegas, the area has historically been among the valley’s top-performing submarkets. The community has an brilliant micro-location at the intersection of SR-215 and SR-95. With direct access to both of these primary thoroughfares, residents are afforded convenient access to a multitude of area dining, retail and entertainment options. Directly across the street from the site are the submarket’s two largest retail centers, Montecito Marketplace and Montecito Crossing. At nearly 200,000 sq. ft. each, these centers offer residents walkable access to a variety of different retailers including a Smith’s Grocery less than 100 yards from the community’s main entrance. Centennial Hills Hospital, an 8-tale 190-bed hospital spanning over 354,000 square feet is also located adjacent to the property and brings a wide variety of high-quality medical jobs and services to the area. Directly to the east of the site is Mountain Ridge Park, a public park featuring seven baseball fields, tennis courts, children’s playground, skate-park and a jogging/walking path.

The business plot is a longer-term investment with moderate upgrade characteristics. Unit interiors currently contain a variety of interior finishes. Due to this inconsistency, Security Properties will be focusing on establishing a uniform spec level. The business plot also includes making strategic improvements to the community’s amenity package, focusing on the leasing office / entryway, fitness center and outdoor pool area.

According to Alex Gauper, Investment Manager at Security Properties, “Lofts at 7100 presented a unique opportunity for our firm to buy a core-plus asset in a dynamic location and an brilliant basis. The continued growth of the Northwest submarket, most recently highlighted by the success of the Skye Canyon master plotted community, should further strengthen the fundamentals of this area long term and make value for our investors over the hold.” 

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

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CHARLOTTE, NC – JLL Income Property Trust, an institutionally managed daily NAV REIT announced the acquisition of Presley Uptown, a newly developed 230-unit, Class-A apartment community in the Uptown submarket of Charlotte, North Carolina, one of the fastest growing markets in the country. The buy price was approximately $55 million.

Charlotte has a strong economic forecast, with employment growth of nearly 3 percent a year since 2011 compared to 1.7 percent for the U.S. overall. The main employment center of Charlotte is within walking distance of the property including over 100,000 jobs with employers like Microsoft, Bank of America, Wells Fargo, Duke Energy, Barings, Ally Bank and the city’s largest hospital campuses.

Uptown is one of Charlotte’s premier live/work/play neighborhoods, with population growth expected to reach 3.4 percent a year within a three-mile radius of the property, notably surpassing the national average of 0.8 percent. The property is conveniently situated with access to numerous retail and service amenities including the addition of a new Whole Foods within two blocks.

“The acquisition of Presley Uptown is another example of our apartment strategy focused on urban markets with strong demographic dynamics located near employment centers with favorable potential for growth,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “This investment brings our aggregate apartment allocation to over $950 million, with over 3,600 apartment units, representing 34% of our $2.9 billion, 75-property portfolio,” he added.

Presley Uptown achieved National Green Building Standard Bronze Certification, providing healthier homes, achieving energy and water savings, and promoting sustainable lifestyles. JLL Income Property Trust was recently awarded a three-star rating by GRESB, the leading Environmental, Social and Governance (ESG) benchmark for real estate investments, demonstrating JLL Income Property Trust’s commitment to sustainability in the portfolio.

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WALNUT CREEK, CA – Sequoia announces the acquisition of Shore Park at Riverlake, a 393-unit, garden-style apartment community located in the highly desirable Pocket-Greenhaven neighborhood of Sacramento, California. 

Built in 1988, Shore Park is comprised of over 354,000 residential square feet situated on 18+ acres. This acquisition increases the firm’s portfolio holdings to 13,888 units across 54 communities. 

Shore Park is nestled along the Sacramento River in a suburban, low-density setting. 84% of the community is still in its original condition, thus providing a tangible value-add opportunity through the renovation of unit interiors and common area amenities. 

“Shore Park offers an exciting opportunity for our investors,” clarifies Sequoia’s General Partner Pat Reilly. “We will be embarking on a renovation plot in excess of 6 million dollars that will modernize the interiors of the homes and add to the community’s current amenity offerings. Sequoia has always had a strong reputation for delivering a product that exceeds the expectation of today’s renter while providing the highest level of customer experience possible.” 

Sequoia will not only own the asset, but their management arm will provide the day-to-day operation services for the building as well. 

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