Security Properties Inc., in partnership with a pension-fund adviser, has purchased the Greenhaven Lake Apartments, a 200-unit apartment complex, for approximately $15.6 million. McAPt LP, a partnership of eight investors, sold the property.
The Greenhaven Lake Apartments, which are located at 413 Florin Rd., consist of one-, two- and three-bedroom units, averaging about 880-sf each. The complex's vacancy rate is approximately 5%.
Security Properties decided to invest in Sacramento's Greenhaven-Pocket area for numerous reasons, including the fact that the area is nearly completely built out. This, company representatives say, reduces the risk of competing with brand-new residential complexes. The company plans to pursue other opportunities in the Sacramento region, especially in the downtown area.
Rocky Schotsal of Marcus & Millichap brokered the sale.
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