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MESA, ARIZ. – Security Properties has acquired the 388-unit Sonora Canyon apartment community in Mesa for $30 million. The community is located at 265 North Gilbert Road.
Sonora Canyon is set to receive a $2.6-million renovation. It will include upgrades to the clubhouse, pool and interior units.
Security Properties had previously purchased the property in 2005 for $22 million. It was known as University Green at the time. The firm sold the community in 2007 for $33.3 million.
The property was purchased by Security Properties in conjunction with an East Coast life insurance company.