Security Properties Pays $33M for Inland Empire Affordable Asset
The property commanded a significantly higher price tag than when it traded only two years ago.
Village Green Apartment Homes
Security Properties Inc. has acquired a 184-unit fully affordable multifamily community, Village Green Apartment Homes, in the Rancho West area of San Bernardino, Calif. Berkadia brokered the $33 million transaction, with Managing Director Bruce Furniss representing the seller, Alliant Strategic Investments. The property previously traded in 2020 for $20.6 million, according to Yardi Matrix data.
Security purchased the asset in a joint venture with Enterprise Community Partners. Following the transaction, the community received a new, 20-year HAP contract through HUD’s Mark-to-Market program.
Slated for capital improvements
Village Green came online in 1998 through the issuance of Housing Revenue Bonds from the County of San Bernardino and the use of LIHTC from the California Tax Credit Allocation Committee. The community caters to households earning less than 60 percent of the area median income. In addition, 65 residents can benefit from Section 8 Project-Based housing assistance.
Village Green Apartment Homes encompasses 38 buildings with two- and three-bedroom units ranging between 840 and 1,030 square feet, Yardi Matrix shows. Common-area amenities include a clubhouse, a playground, a basketball court, two swimming pools and four laundry facilities. Furniss stated in prepared remarks that Security intends to invest more than $2.3 million in capital improvements at the property.
Located at 212 W. Chestnut St., the community is less than 4 miles from downtown San Bernardino, south of Highway 66. Interstate 215 is some 3 miles east.
Security Properties recently acquired a 118-unit affordable housing community in San Jose, Calif., in a joint venture with Hearthstone Foundation and Pacific Life Insurance Co. Berkadia brokered the $23.6 million transaction.
