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3/09/17
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Security Properties purchased Orchard Club, a 342-unit affordable multifamily property in Las Vegas, for $27.2 mil, or $79.5k/unit. Orchard Club is a garden-style community comprised of a mixture of family and senior, income-restricted units.
Located at 1220 Tree Line Dr, just south of Charleston Blvd, 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.
JLL Capital Markets provided a 15-year term, fixed-rate loan on for the acquisition and utilized Fannie Mae's Green Rewards program, which will provide funding for energy efficiency upgrades throughout the property. The property will be managed by Madrona Ridge Residential, an affiliate of Security Properties.
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