Security Properties pays $33 million for affordable Inland Empire asset

Village Green Apartment Houses

Security Properties Inc. acquired a fully affordable 184-unit multi-family community, Village Green Apartment Homes, in the Rancho West neighborhood of San Bernardino, California. Berkadia brokered the $33 million transaction, with Chief Executive Bruce Furniss representing the seller, Alliant Strategic Investments. The property previously traded in 2020 for $20.6 million, according to Yardi Matrix data.

Security purchased the asset in joint venture with Corporate Community Partners. Following the transaction, the community received a new 20-year HAP contract through HUD’s Mark-to-Market program.

Planned for capital improvements

Village Green came online in 1998 through the issuance of San Bernardino County Housing Tax Bonds and the use of the California Tax Credit Allocation Committee’s LIHTC. The community caters to households earning less than 60% of the region’s median income. In addition, 65 residents are eligible for Section 8 project-based housing assistance.

Village Green Apartment Homes comprises 38 buildings with two- and three-bedroom units ranging from 840 to 1,030 square feet, according to Yardi Matrix. Common facilities include a clubhouse, playground, basketball court, two swimming pools and four laundry facilities. Furniss said in prepared remarks that Security intends to invest more than $2.3 million in capital improvements to the property.

Located at 212 W. Chestnut St., the community is less than 4 miles from downtown San Bernardino, south of Interstate 66. Interstate 215 is approximately 3 miles east.

Security Properties recently acquired a 118-unit affordable housing community in San Jose, California in a joint venture with Hearthstone Foundation and Pacific Life Insurance Co. Berkadia brokered the $23.6 million transaction.

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