(Save the date: RealShare Apartments East comes to the Hyatt Regency Miami, Florida on February 26th, 2013)
SANTA ROSA, CA-Security Properties Inc. has teamed with Real Estate Capital Partners to purchase Redwood Park apartments, a 156-unit apartment project here in Santa Rosa, CA. The property was acquired by Security Properties through the firm’s Security Properties multifamily fund for a purchase price of $24.5 million.
According to the firm, the property is well positioned for strong rental performance. “Redwood Park has so many of the amenities we look for in a top tier residential rental community,” says David Dufenhorst, chief investment officer for Security Properties.
Purchased from Redwood Park Apartments Ltd. Partnership, Security Properties plans to make upgrades to various features onsite, including the leasing office, clubhouse, common area amenities and signage and branding. As part of the purchase, Security Properties will deploy Madrona Ridge Residential, its integrated property management company, to assume management responsibilities and provide residents with outstanding service.
“At just 15 units to the acre and with beautiful grounds accentuated by mature redwood trees, Redwood Park blends well with the natural beauty of the surrounding wine country region while offering close proximity to shopping and other community amenities tenants desire,” explains Stephen Henry, a VP of investment management for Real Estate Capital Partners.
The Redwood Park Apartments were built in 1986. Since that time the Santa Rosa community has experienced significant growth. “We see Redwood Park as an excellent investment and fit for the Security Properties Multifamily Fund,” says Dufenhorst. “Our intention is to make several improvements to the property in order to provide a superior residential environment while maximizing the return on our investment.”
This is the 13th property acquired under the Security Properties Multifamily Fund, which has made investments, either directly or on a joint-venture basis, in approximately $270 million worth of properties since mid-2011. It is comprised of approximately 1,600 units across multiple geographies, according to a prepared statement. The acquisition marks the second partnership between Security Properties and Real Estate Capital Partners.