FULLERTON, CA-Security Properties Inc. of Seattle had added to its Orange County holdings with the $23-million acquisition of the 147-unit Boondocker Apartments, where the Seattle firm plans a series of upgrades in a value-added play. The property, at 600 Langsdorf Dr., is adjacent to the main campus of Cal State Fullerton.

Barrett Sigmund, acquisition manager for Security Properties, says that the company plans "substantial upgrades" of individual units, including replacement of kitchen and bathroom appliances, new carpet and flooring, plus updated finishes throughout. Other planned improvements include an expanded weight room, an expanded pool and barbecue area, landscaping, paint and completion of deferred maintenance.

According to Sigmund, the upgrades will be a response to demand from students for "quality housing units with many amenities." By adding extras like dishwashers and microwaves and by updating the units with modern materials and finishes, he says, Security expects to be able to maximize rents.

Sigmund says the location of the property works in its favor too. Besides being located next to the main campus of Cal State Fullerton, the complex is close to shopping, entertainment and other Fullerton recreational facilities. Occupancy in the area is at or near capacity with little vacancy throughout the year, he adds.

Security Properties acquired the Boondocker complex from a private investor. The transaction was brokered by Ray Eldridge of CB Richard Ellis.

Other Security Properties holdings in Orange County include the 188-unit La Serena Apartments, which the Seattle-based company acquired for $30.25 million last year in partnership with Capmark Finance Inc.

Security's business plan for the La Serena property also includes significant renovations of the complex, which occupies a 7.2-acre site at 727 S. Lyon St., on the border of Santa Ana and Tustin.