SEATTLE, Oct. 4, 2017 /PRNewswire/ -- On September 28, 2017, The Henley Apartment Homes, a 240-unit multifamily property located in Suisun City, CA, was acquired for $42,500,000 by Security Properties and New York Life Real Estate Investors, on behalf of its institutional client, in their third joint venture together.
The Henley was built in 1985 and consists of 30 two-story residential buildings spread over approximately 11 acres. The property is located in Suisun City, a city of approximately 30,000 people that neighbors the larger City of Fairfield in Solano County. The property is minutes from Suisun City's historic Waterfront District and is walkable to Raley's supermarket, Starbucks, and a variety of other retail options and eateries.
Fairfield serves as the home of Travis Air Force Base and its state of the art David Grant USAF Medical Center. In addition to the military, the area has a strong industrial presence. With over 13M square feet of industrial inventory, the Greater Fairfield area has the largest industrial footprint in all of Napa and Solano Counties. As such, the city continues to land big employers. Blue Apron recently signed a lease to open its West Coast packaging and fulfillment hub in Fairfield's Gateway 80 Business Park, a 10 minute drive from The Henley. Healthcare at Travis Air Force Base, NorthBay Medical Center and Sutter Medical also play a major role in the market. In the face of increasing demand, NorthBay Medical Center is undergoing a $200M expansion to modernize its hospital while expanding its advanced medicine capabilities.
The Henley is another step in Security Properties expansion in Northern California and comes shortly after its acquisition of 244-unit Sycamore Terrace in Sacramento for $57,400,000. The Henley will undergo a moderate interior renovation in an effort to modernize unit finishes.
Beau Madsen, Manager at Security Properties, stated that "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 property will be managed by Security Properties Residential.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 48 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com
About Security Properties Residential
Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western U.S., Security Properties Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create positive living environments for residents and build value for clients.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors' website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $51.3 billion in assets under management as of June 30, 2017, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
News media contact:
Ed McGovern, 206.622.9900
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SOURCE Security Properties