Security Properties Acquires 162-Unit Insignia Apartments In Puget Sound Market For $29.5 Million
Security Properties and a university endowment purchased Insignia, a 162-unit, newly constructed multifamily asset located in Bremerton, WA for $29,500,000. Security Properties now owns 19 assets totaling over 4,000 units in the Puget Sound marketplace.
Insignia is a 162-unit multifamily community located 2.5 miles north of downtown Bremerton. Delivered in early 2018, the residential units offer a mix of one- and two-bedroom floorplans with an average unit size of 877 SF.
Historically recognized as home to Kitsap Naval Base, Bremerton is gaining new attraction for its reasonably priced housing, emerging downtown, and easy commute. In 2017 Kitsap County introduced the "Fast Ferry," a passenger boat that runs from downtown Bremerton to downtown Seattle, dramatically shortening the commute across the water to just 30 minutes. In addition, downtown Bremerton is seeing a resurgence with a number of new hotels, restaurants, and redevelopments of boutique retailers and local businesses.
The asset represents a long-term yield investment with light exterior renovation characteristics. Notably, Security Properties will be adding a barbeque area, cabana with new patio furniture around the spa, package locker system, enhancing to the dog park, and an outdoor amenity space adjacent to the clubhouse.
Davis Vaughn, Senior Director at Security Properties says, "With the recent development in the downtown combined with the launch of the Fast Ferry, expanding into Bremerton was an easy decision for SP. With these exciting growth drivers, we look forward to delivering outstanding returns for our investors."
The property will be managed by Security Properties-affiliate Security Properties Residential.