Security Properties and Pacific Life purchased Anthology, a 398-unit Class-A new construction multifamily property located in Issaquah, WA for $163,250,000. Security Properties now owns over 120 assets totaling over 24,500 apartment units across its portfolio, including 5,600 units in the Puget Sound region.
Anthology is located in Issaquah, a highly desirable suburb east of Seattle. The area provides an ideal live-work-play location for residents, conveniently situated between Bellevue, Lake Sammamish, and various nature reserves. Issaquah is bisected by Interstate 90, providing residents with quick access to high-wage employment hubs nearby, including top employers like Microsoft, Amazon, and Costco, all of which are currently expanding. Additionally, because of the convenient Interstate-90 access, Issaquah has better commuting connectivity to downtown Seattle than many of the other Eastside suburbs.
Issaquah has grown substantially since 2000, nearly quadrupling its population, which is now almost 40,000. The area is affluent, with a median household income exceeding $100,000, and offers some of the top ranked schools in the region.
Anthology offers a market-leading amenity package, which includes a two-story clubhouse with game room, shuffleboard, billiards, conference room, fireplace lounge, and community kitchen. The asset also features a fitness center with yoga studio and bike room, outdoor pool with BBQs, 24/7 package access, bicycle storage, bicycle repair station, park with patio seating, and easy access to nature trails. Tenants are offered among the highest quality interior unit finishes, including stainless steel appliances with side-by-side door refrigerators, washer/dryers, subway tile backsplashes, marbled quartz countertops, flat-panel cabinets, wood-style plank flooring, balconies/decks, and 14+ foot ceilings in select units.
According to Davis Vaughn, Senior Director at Security Properties, "the opportunity to own scale off-market in Issaquahwas something we could not pass up. The combination of outstanding schools, proximity to employment, and lack of future supply results in a dynamic location with long-term upside. As the most active Seattle area multifamily buyer in 2019, we remain very committed to the region and are excited to add this core asset to our portfolio."
The property will be managed by Security Properties Residential, an affiliate of Security Properties.