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Security Properties Acquires Tria Apartments in Newcastle, WA

SEATTLE - On October 28, 2021, Security Properties purchased Tria Apartments, a Class-A podium-style multifamily property located in Newcastle, WA for $26,750,000. Security Properties now owns 117 assets totaling approximately 24,400 units across its portfolio. This includes 27 properties and more than 5,700 units in the Seattle/Tacoma/Bellevue MSA.
 
Tria was developed in 2017 and consists of 76 apartment homes and 1 retail space spread across a single 6-story building on 0.94 acres. The unit mix features an attractive range of floor plans with an average unit size of 742 square-feet. Unit interiors consist of stainless steel appliances, quartz countertops, hardwood flooring, kitchen islands, pantries, washer/dryers, oversized closets and a private balcony/patio. From an amenity perspective, the property offers a rooftop deck/lounge, resident clubroom, fitness center, 24-hour package lockers, bicycle storage, secure garage parking and vehicle charging stations.
 
With a population of roughly 13,000, Newcastle offers its residents both the conveniences of urban living with the lifestyle of a small town. Located just 5 miles south of Downtown Bellevue, 3 miles north of Renton and 10 miles southeast of Downtown Seattle, the submarket is ideally positioned between the region’s largest employment hubs. Each of these can be easily accessed via Interstate 405, which has onramps less than 5 minutes from the site.
 
As for the micro-location, Newcastle offers residents a suburban lifestyle full of retail, restaurants, 40 acres of parks/open spaces and numerous other local attractions. Tria is conveniently located in downtown Newcastle, across the street from Coal Creek Village. The shopping center includes a QFC, Safeway and Bartell Drugs among other businesses.
 
According to Alex Gauper, Director at Security Properties, “the acquisition of Tria represented a unique opportunity to purchase a high-quality asset at a significant discount to replacement cost in one of the Eastside’s most highly desired submarkets. Newcastle’s combination of a pivot point location for accessing regional employers, lack of future housing supply and an exemplary rental demographic, well position the asset to capitalize on the submarket’s long term growth prospects. We are very excited to add Tria to our Pacific Northwest portfolio and look forward to delivering strong returns to our investors over our hold.”
 
The property will be managed by Security Properties-affiliate Security Properties Residential.
 
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.