Seattle Investor Firm Comes Back for Seconds

Security Properties has taken a liking to the entertainment capital of the world, having announced its second acquisition in the Las Vegas market.

By Liviu Oltean, Associate Editor

Security Properties clearly likes Las Vegas. The Seattle-based firm recently announced its second acquisition in the area: Verona Apartment Homes, a 275-unit, Class A multi-family community in Henderson. The asset was acquired for $40 million through the firm’s Security Properties Multifamily Fund II.

Verona Apartment Homes

Located at 6765 Tulip Falls Drive in the Henderson East submarket, the property features a resort-style pool and spa, controlled-access gates, a clubhouse with a second story fitness center, a snack bar, and a shop. Verona Apartment Homes is also near the Galleria Mall, I-515 and Union Village, a $1.2 billion, master-planned project currently under construction.

“Las Vegas is a dynamic market with excellent infrastructure and a wide range of emerging industry sectors.” said Davis Vaughn, investment manager at Security Properties, in a statement. “The area offers an opportunity for growth not just in the traditional sectors like gaming and hospitality, but also in newer industries like medical and data centers. Given the proximity to Union Village, which we believe will be transformative for both Henderson and the Las Vegas metropolitan area, we look forward to being active in Las Vegas for years to come.”