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December 16, 2018
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Security Properties Acquires 256 Res Units in Henderson, NV


Security Properties purchased Martinique Bay, a 256-unit multifamily property located in Henderson, NV for $42.75 mil, or $167k/unit. With this deal, Security Pacific 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-planned community. Along with Summerlin, Henderson/Green Valley is widely considered the market's most desirable area to live. Average household income within a three-mile radius of the property is 23% higher than the metro average.

The asset has a strong micro-location at the intersection of Sunset Rd and Green Valley Pkwy, 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 1.1k sf.

The business plan 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 plan 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 excellent in-fill location adjacent to a grocery store. This, combined with large units that cater to families, creates a great 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 create value for our investors."

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

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