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April 24, 2014
Seattle-based Security Properties said it bought a 192-unit apartment building in Las Vegas called Desert Shadows for $23 million. This was the second purchase through Security Properties Multifamily Fund II. Desert Shadows was built in 2007 as condos and is on West Charleston Boulevard, about five miles from the Las Vegas strip. Security Properties' in-house property management company Madrona Ridge Residential will manage the building. Security Properties plans a $1.1 million renovation. Security Properties has acquired or developed nearly 69,000 units in 483 properties in more than 40 states.
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