Security Properties Acquires Sonora Canyon Apartment Community in Mesa, Arizona

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Aug 07, 2014, 08:30 ET

SEATTLE, Aug. 7, 2014 /PRNewswire/ -- Security Properties, along with an East Coast life insurance company, teamed up to acquire Sonora Canyon, a 388-unit apartment community in Mesa, Arizona, for $30,000,000. Security Properties had previously purchased the property in 2005, then known as University Green, for $22,000,000 and sold it in 2007 for $33,300,000.

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Sonora Canyon Apartments (PRNewsFoto/Security Properties)

With this new acquisition, Security Properties is planning $2,600,000 in upgrades over the next three years. The renovation scope of work includes an upgrade to the clubhouse, pool; exterior lighting and exterior paint, along with some value add unit interior improvements.

Along with other primary and secondary Western U.S. markets, Security Properties has been active in the Phoenix Metro and its surrounding submarkets for over a decade and it attracted to the area's continued population growth and the continued diversification of its employment base into the healthcare, technology, alternative energy and semiconductor sectors.

According to David Dufenhorst, chief investment officer at Security Properties, several factors prompted the pursuit of this asset. "Sonora Canyon provided us and our partner with a unique opportunity to buy an asset we knew extremely well at a significant discount to replacement cost along with the potential to add numerous value add upgrades and the catalyst of a light rail station being completed within walking proximity to the property in 2018."

For more than 45 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Over time, Security Properties has acquired or developed over 66,500 residential units at a cost of over $3.35 billion. Security Properties maintains a focused multifamily strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists.

Contact:
Ed McGovern
206-622-9900

SOURCE Security Properties