A Seattle-based residential real estate investor and developer purchased a 240-unit apartment complex near Fairfield in central Solano County for $42.5 million.

In their third joint venture, Security Properties (secpropres.com) with New York Life Real Estate Investors acquired The Henley Apartment Homes at 313 Sandy Lane in Suisun City, the companies announced Wednesday. The purchase price equates to $177,083 per unit.

Security Properties is expanding its portfolio in Northern California. Recently, it purchased the 244-unit Sycamore Terrace complex in Sacramento for $57.4 million.

“This acquisition follows Security Properties efforts to acquire properties with renovation potential in supply-constrained markets and submarkets,” said Beau Madsen, manager at Security Properties. “The Henley represents a high-yielding asset at a compelling basis, and is well-positioned to undergo a renovation that will increase value for both our investors and Henley residents.”

“Moderate” interior renovations are planned for The Henley to modernize finishes in the units.

New York Life Real Estate Investors has been involved in a few North Bay industrial development projects through the MNCVAD fund it manages for a construction trade union pension fund. Those include the Greenwood Business Park project in south Napa and the Cader Corporate Center in Petaluma.

The deal between The Henley buyer MNCVAD II SP Henley Owner, LLC, and seller FPA4 Riverstone, LLC, closed Sept. 29, according to public records. Jason Parr of Cushman and Wakefield brokered the deal for both sides.

Security Properties started in 1969 to help clients manage taxes involved with U.S. Housing and Urban Development–sponsored investments. In that time, the company said it has acquired or developed over 83,000 residential units at a cost of more than $5.7 billion.

Jeff Quackenbush (jquackenbush@busjrnl.com, 707-521-4256) covers the wine business and commercial construction and real estate.