Security Properties Acquires 240-Unit Apartment Community in Suisun City for $42.5 Million

SUISUN CITY, CA - 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.