Security Properties Acquires $43M Sacramento Community
- Oct 05, 2017
Security Properties, in partnership with New York Life Real Estate Investors, acquired The Henley Apartment Homes, a 240-unit community in Suisun City, Calif. MNCVAD II SP Henley Owner LLC bought the property from FPA4 Riverstone LLAC for $42.5 million, or $177,083 per unit. Jason Parr of Cushman & Wakefield represented both the seller and the buyer in the transaction.
Located at 313 Sandy Lane, The Henley is in close proximity to Fairfield, Napa, Vacaville, Sacramento, San Francisco and the Bay Area. The community offers convenient access to various shopping, restaurant and entertainment venues such as Vacaville Outlets, Solano Mall, Westfield Mall, Suisun City Marina, the Napa Valley Wine District and San Francisco Fisherman’s Wharf.
The 16 two-story buildings feature one- and two-bedroom units ranging in size from 750 to 850 square feet. Residents have access to unit amenities such as air conditioning, ceiling fans, large closets, washers and dryers, dishwashers and balconies. The pet-friendly community includes common area amenities such as:
- business center
- fitness center
- three laundry facilities
- disability access
- covered parking spaces
“This acquisition follows Security Properties efforts to acquire properties with renovation potential in supply-constrained markets and submarkets,” said Beau Madsen, manager at Security Properties. “The Henley represents a high-yielding asset at a compelling basis, and is well-positioned to undergo a renovation that will increase value for both our investors and Henley residents.”
Recently, the company sold 700 Broadway, a mixed-use apartment and retail property in Seattle’s Capitol Hill neighborhood.
Image courtesy of Yardi Matrix
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