
Security Properties, New York Life Pick Up NorCal Asset
Seattle-based Security Properties and New York Life Real Estate Investors, on behalf of its institutional client, acquired The Henley Apartment Homes, a 240-unit multifamily property located in Suisun City, CA for $42.5 million. The Henley was built in 1985 and consists of 30 two-story residential buildings spread over approximately 11 acres.
Security Properties’ Beau Madsen says, “this acquisition follows Security Properties efforts to acquire properties with renovation potential in supply constrained markets and submarkets. 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.”
The Henley will undergo a moderate interior renovation in an effort to modernize unit finishes. The addition follows Security Properties’ expansion in Northern California that included the recent acquisition of the 244-unit Sycamore Terrace in Sacramento for $57.4 million.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition