Security Properties Inc. said it's sold the Newport Crossing apartments in Newcastle for $38.8 million, two years after it bought the 192-unit apartment property for $30.35 million.
Seattle-based Security Properties said it spent $1.5 million in the past two years to repaint and reroof buildings, redesign the community pool, improve landscaping and upgrade unit interiors.
"The purchase, renovation and sale of Newport Crossing reflects our overall strategy of pursuing multifamily real estate investment opportunities in high-growth western markets characterized by sustainable job and population growth, significant barriers to development and high homeownership costs," said Security Properties CEO David Dufenhorst, in a statement.
