SAN DIEGO—Sunroad Enterprises has acquired Sonoma Ridge Apartments in Peoria, AZ and Bristol Bay Apartments in Sparks, NV, for a total price of around $66 million.

One of the two acquired apartment properties is just outside of Phoenix.

Sonoma Ridge and Bristol Bay are the first properties to be acquired under Sunroad Enterprises' new Multifamily Division. Growing quickly, Sunroad Enterprises launched a multifamily division; hired industry veteran, Michael Dow, to lead its efforts; and acquired its first two properties—in six months' time.

The acquisitions were done in partnership with Loma Linda University Endowment Fund's multifamily investment platform and Security Properties, Inc., based in Seattle. The management will be through Madrona Ridge Residential, an affiliate of Security Properties, who will renovate common areas and unit interiors over the next two years at both properties. David Dufenhorst, chief executive officer at Security Properties, says, “We are very pleased to partner with Sunroad Enterprises on Sonoma Ridge and Bristol Bay. These communities have enormous potential, and we're excited to bring the experience and track record of our management team.”