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Security Properties Pays $53M for 250 Units

WEST COVINA, CA-The Seattle-based firm acquires the Torrey Pines Apartments in a joint venture with Capmark Finance Inc.

By Bob Howard | Updated on August 22, 2007

(Read more on the multifamily market.)

WEST COVINA, CA-Security Properties Inc. has acquired the 250-unit Torrey Pines Apartments from New York City-based Acacia Capital Funds for $53 million in a joint venture with Capmark Finance Inc. The complex, at 851 S. Sunset Ave., was built in 1981 and consists of 21 two-story apartment buildings.

Security Properties’ business plan includes enhancements to the unit interiors of the complex, which features an extensive amenity package, according to Lonnie Nadal, director of acquisitions for the Seattle-based firm. The amenities include five swimming pools, two heated spas, a fitness center and multiple children’s playgrounds.

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