Security Properties buys Sacramento apartment property for $57.4m

Seattle-based Security Properties has acquired the 224-unit Sycamore Terrace apartment complex in Sacramento for $57.4 million.

The luxury apartment complex, located five miles from downtown Sacramento at 40 Park City Court, was built in 2006 and consists of 11 three-story buildings on more than 11 acres. Sycamore Terrace features one- and two-bedroom apartments, with an average size of 1,041 square feet.

Property amenities include a 5,000-square-foot clubhouse, swimming pool and state-of-the-art fitness center, as well as garages.

Sycamore Terrace represents a value-add investment with moderate interior and exterior renovation characteristics. Security Properties plans to renovate all units with stainless steel appliances, new flooring and countertops, and a variety of other features while completing an extensive clubhouse reposition.

Sacramento has been one of the hottest apartment markets in country, with low vacancy and escalating rents. According to