Security Properties Purchases Two Multifamily Sacramento Communities for Nearly $50MM

Security Properties, Arborelle Apartments, Citrus Heights, Shenandoah Apartments, Sacramento, Jamboree Housing

By Kate Snyder

A Seattle-based real estate firm continues to expand its portfolio in Northern California with the acquisition of two apartment complexes – the 179-unit Arborelle Apartments in Citrus Heights and the 100-unit Shenandoah Apartments in Sacramento.

Security Properties made the purchases recently, with the deal for Shenandoah recorded in September at $16.95 million, or $169,500 per unit, and the deal for Arborelle recorded in August at $32.3 million, or $180,446 per unit, according to public records. The seller was a joint venture of entities associated with Jamboree Housing and the Ezralow and Hughes families.

The Shenandoah is located at 6205 Riverside Blvd., Sacramento, in the city’s Greenhaven/Pocket area. In close proximity to the neighborhood, which is bordered by Interstate 5 and the Sacramento River, are attractions such as the Seymour Park Playground and Lake Greenhaven as well as entities like California Family Fitness and Brookfield Private School, according to Google Maps. Within the complex, amenities include a gated community, laundry facilities, playground and a large pool.

Located at 8007 Sunrise Blvd., Citrus Heights, the Arborelle includes one- and two-bedroom apartments and features large walk-in closets, energy-efficient appliances, central heat and air conditioning and washers and dryers, according to the property’s website. Other amenities include a sparkling pool, spa, basketball court, barbecue and picnic area, playground area and covered parking.

Jamboree Housing is an Irvine, Calif.-based nonprofit affordable housing developer dedicated to building workforce communities in California, according to the group’s website. The group’s projects range from Orange County and San Diego County to the Inland Empire in Riverside County and San Bernardino County, as well as in Los Angeles County, the greater Sacramento region, and beyond.

Security Properties was founded in 1969 in Seattle and has invested more than $2 billion of equity in multifamily real estate, representing a portfolio value of nearly $6.1 billion, according to the firm’s website. Security Properties’ current portfolio reflects interests in 113 assets encompassing nearly 24,298 multifamily housing units.

In another recent project from Security Properties, the firm teamed with Pacific Life Insurance Company and Hearthstone Housing Foundation to acquire Monte Vista Senior Apartments, a 118-unit apartment community located in San Jose, Calif. According to previous reporting by The Registry, that property was sold for $23.628 million, or about $200,237 per unit, and the deal closed in August.

West Coast Commercial Real Estate News