In $46.5MM Transaction, Security Properties Places 267-Unit Lakewood Apartment Asset With Equity Partner
Seattle-based Security Properties, a national multifamily developer and investor, has placed the 267-unit Beaumont Grand Apartment Complex in Lakewood, Wash., with an LLC related with the company. The transaction, which totals $46.5 million, was completed at the end of March, according to Pierce County property records.
According to Davis Vaughn, senior director of conventional investments for Security Properties, the firm preferred not to disclose the name of its financial partner. However, with an equity partner secured, Security Properties will move forward with renovating the units over the next several years. Those renovations will include mid-spec upgrades, Vaughn said, including new appliances, lighting and flooring.
“We like the area a lot and our partner did as well, so we are going to continue to renovate all of the units and spend some additional money on the common areas as well,” Vaughn said.
The gated complex has a variety of one-, two- and three-bedroom apartments ranging in size from around 780 square feet to 1,145 square feet. According to the property’s website, rents can range from $1,300 for a one-bedroom up to $1,600 for a three-bedroom apartment. In-unit amenities include private balconies and patios, full-size washers and dryers and hard surface floors. Community spaces include a resident clubhouse, business center, sundeck and pool area, sports facilities and two playgrounds. Covered, on-site parking is also available.
Located at 8609 82nd St. SW, the complex is within close proximity to the Fort Steilacoom Golf Course, American Lake and Joint Base Lewis-McChord. A shopping complex anchored by Albertsons is also nearby, while eateries such as Kin Ja Teriyaki, Jimmy John’s and Starbucks are in proximity, as well. Surrounding residential development is mostly multifamily, with complexes like Brighton Place and The Harrison Apartment Homes just adjacent to the property.
Security Properties has been active in the Puget Sound — and nationwide — since its establishment in 1969. The firm, which specializes in the development and management of assets through a variety of public, private and non-profit partnerships, recently purchased downtown Seattle’s recently completed Hana Apartments from R.C. Hedreen Company. The transaction, which totaled $41.646 million, or about $260,000 per unit, also closed at the end of March. Today, Security Properties’ portfolio reflects a value of nearly $4 billion, with 112 assets and more than 22,000 multifamily housing units, making it one of the largest owners of residential real estate in the United States, according to its website.