Background:

Security Properties purchased this core property using 1031 equity exchange capital. Constructed in 2000 as a top-end project, there was no plan for a rehab; instead, favorable pricing and estimated market cycle timing drove the decision to buy. The market improved over the firm’s holding period and in 2008, Security Properties sold the project for considerable gains.

Highlights:

• The site featured superior amenities compared to the competition including a fitness center, outdoor pool, sauna, and an indoor basketball court.
• The units featured high-end details with tile entries, gas fireplaces, balconies, and vaulted ceilings, among others.
• Great location that was just 3/4 mile NE of the employment giant Boeing as well as being on a major Everett street within the Seaway Business Center