Security Properties has acquired The Rev Apartments, a garden-style apartment community in Tempe, Arizona, for $28 million. The purchase grows the investor's Phoenix-area portfolio to 8 properties and over 3,200 units.

Built in 1972, The Rev Apartments features 172 units in 16 buildings spread over 11 acres. The property is fully updated with amenities that include fitness center along with an outdoor heated pool and spa. Security's 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.

The property will be managed by Security Properties-affiliate Security Properties Residential.