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 a substantial profit.

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