Former Resident Acquires Mt. Vernon Apartments in Spokane, WA
Built in 1973, Mt. Vernon consists of 99 units, of which 74 benefit from a property-based housing assistance payment contract administered through the United States Department of Housing and Urban Development (HUD).
The Security Properties' Managing Director of Affordable Housing who led the acquisition, Bryon Gongaware, is also a former resident of this Spokane community and knows it well.
"Since childhood, it has been a personal goal of mine to own and preserve this property as affordable housing for the long-term." Mr. Gongaware, along with his mother, were residents at the property on two separate occasions nearly 40 years ago. "As a child, this property created lifelong memories and friendships, as well as a safety net for my family," states Mr. Gongaware, "and our expectation for the future is to enhance that opportunity for many more families in the Spokane community."
Over the next year, residents at the property will see substantial investment in improvements by Security Properties. These include new interior finishes, exterior upgrades, resolving deferred maintenance, and installing a new leasing office and community center for the benefit of the residents. Brandon Musser, Investment Manager for Security Properties, notes, "The ownership and capitalization structure is unique for affordable housing and will allow us to execute a substantial rehab of the property, while also extending the affordability for the long-term."
Construction will be completed by Walker Construction Inc, a Spokane-based general contractor. The property will be professionally managed by Security Properties Residential and marks its third affordable housing property in the Spokane area.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 50 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com
About Security Properties Residential
Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western U.S., Security Properties Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create positive living environments for residents and build value for clients. For more information, visit www.securityproperties.com