TEMPE, ARIZ. — Security Properties has purchased The Rev Apartments, a Class C, garden-style multifamily property located in Tempe, for $28.2 million.
Originally constructed in 1972 on 11 acres, The Rev features 172 units spread across 16 residential buildings. The previous owner fully renovated the property, including new dual-pane windows and slider glass doors, exterior paint, roof upgrades/repairs and the addition of in-unit washers/dryers and above-range microwaves. Community amenities include a fully renovated leasing office and fitness center, as well as an outdoor heated swimming pool and spa.
Security Properties has a light upgrade planned for the property, including adding a number of supplemental items to unit kitchens and strategic improvements to the community’s amenity package.
Security Properties Residential, an affiliate of Security Properties, will manage the asset. With this acquisition, Security Properties now owns 122 assets totaling approximately 24,000 units across its portfolio, including eight properties and more than 3,200 units in the Phoenix market.