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10/17/17
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Security Properties Inc /New York Life Real Estate Investors has purchased The Henley Apartment Homes, a 240-unit, garden style apartment community located in the NoCal community of Suisun City, roughly midway between San Francisco and Sacramento. The property traded for $42.5 mil, or about $177k/unit.
Henley Apartment Homes is contains 196.6k sf of space in 20 buildings. It was completed in 1985 and partially renovated in 2007 and 2016, representing a continued value-add opportunity for investors. The property, located at 311 Sandy Lane, is less than three miles from I-80, providing strategic access to the entire San Francisco Bay Area, Sacramento Region, and Napa Valley.
Jason Parr of Cushman & Wakefield represented both the buyer and the seller, FPA Multifamily, in the deal. Parr noted that The Henley’s strategic central location, less than 25 miles to the East Bay and to Napa Valley, and 40 miles to San Francisco, offers a short travel time to major employment centers in the region.
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