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March 9, 2017
Security Properties said it paid $27.2 million for an apartment complex in Las Vegas. The 342-unit Orchard Club was developed in 2001 as affordable housing. JLL Capital Markets helped finance the deal. Security Properties owns about 1,400 units in and around Las Vegas. In a statement, the company's Bryon Gongaware said, “This acquisition increases our already strong investment in the Las Vegas market, and allows us to preserve this high-quality affordable housing community for the next 15 years with energy efficiency upgrades and capital investment.” Orchard Club is income-restricted through 2032. It will be managed by Madrona Ridge Residential, an affiliate of Security Properties.