On September 18, 2019, Security Properties purchased The Rev Apartments, a Class C garden-style multifamily property located in Tempe, AZ for $28,200,000. Security Properties now owns 122 assets totaling approximately 24,000 units across its portfolio. This includes 8 properties and over 3,200 units in the Phoenix marketplace.
The Rev was originally constructed in 1972 and consists of 172 units spread out across 16 residential buildings and approximately 11 acres. The property has been fully renovated by the previous owner with major upgrades including new dual pane windows and slider glass doors, exterior paint, roof upgrades/repairs and the addition of in-unit washer/dryers and above range microwaves. From an amenity perspective, the property offers both a fully renovated leasing office and fitness center along with an outdoor heated pool and spa.
The community has excellent dual street exposure along Rural Road and Southern Avenue, both major arterial streets. A unique feature for Phoenix multifamily, the site offers a truly walkable location for residents to take advantage of the surrounding Tempe neighborhood. Across the street are Walmart, Fry’s Grocery with Wells Fargo Bank, CVS Pharmacy, Big 5 Sporting Goods, Tempe Public Library and Historical Museum, and two Metro Bus Stops. The site’s strategic location also offers direct access to the area’s surrounding major demand generators: Arizona State University’s main campus, Tempe Town Lake, Downtown Tempe, and the rapidly expanding Marina Heights Office Corridor. With the US-60 Freeway just ¼ mile south, residents can easily access jobs in south Tempe, Mesa / Chandler, and Downtown Phoenix.
The business plan is a longer-term yield investment with light upgrade characteristics. Security Properties’ renovation plan includes adding a number of supplemental items to unit kitchens, along with making strategic improvements to the community’s amenity package.
According to Alex Gauper, Investment Manager at Security Properties, “Tempe has been a target submarket for us for many years now. The area’s central location combined with unparalleled access to both major employment and retail corridors make Tempe one of the market’s most dynamic and highly sought after living destinations. With these fundamentals in place, we look forward to delivering outstanding returns for our investors.”
The property will be managed by Security Properties-affiliate Security Properties Residential.
