A joint venture involving Seattle-based Security Properties Inc. and Chicago-based Blue Vista Capital Management LLC has acquired three Spokane Valley apartment complexes for $24 million combined, says Davis Vaughn, an acquisitions investment manager for Security Properties.

The acquisition involves the 162-unit Aspen Village, at 15821 E. Fourth; the 103-unit Ridgestone Apartments, at 1723 N. Union Road; and the 72-unit Farr Court complex, at 210 S. Farr Road.

Security Properties plans significant renovations at the Aspen Village and Ridgestone complexes, Vaughn says. Improvements will include interior remodeling and exterior upgrades, featuring a new gazebo, clubhouse enhancements, and new signage, Vaughn says.

Including minor improvements at Farr Court, Security Properties plans to invest an additional $2.6 million into the three properties.

Aspen Village and Ridgestone were constructed in 1996, and Farr Court was built in 1995.

Countryside Partners LLC, of Eugene, Ore., was the seller of the properties.

Portland-based HFO Investment Real Estate LLC, a commercial real estate brokerage that specializes in multifamily properties, handled the transaction.

Madrona Ridge Residential LLC, a Seattle-based affiliate of Security Properties, will manage the apartment complexes. Madrona Ridge currently has eight employees here, Vaughn says.

The transaction is Security Properties’ first joint venture with Blue Vista. Vaughn also says the acquisition is the first entry into the Spokane market for Security Properties, which owns more than 20 properties in Washington, primarily in the Seattle area, and 15,000 units nationally.

“We like Spokane a lot, and we’re looking forward to growing there,” Vaughn says. “Spokane has everything we look for with primary drivers of education, military, and health care, plus a vibrant downtown core receiving significant investment.”

Security Properties is a national real estate investment and operating company that has acquired or developed 66,500 multifamily residential units valued at more than $3.3 billion.

Blue Vista was founded in 2002 and has participated in direct investments and joint ventures valued at more than $5.7 billion.