Security Properties And Pacific Life Acquire Spokane Affordable Housing Community
On August 31, 2018, Security Properties and Pacific Life, in partnership with Hearthstone Housing Foundation, closed on the acquisition of Deer Run at Northpointe, a 222-unit affordable housing community located in Spokane, WA. This marks the second joint-venture affordable housing acquisition by Security Properties and Pacific Life.
Deer Run at Northpointe is a 222-unit garden-style community constructed in two phases. Deer Run North, delivered in 2003, consists of 114 residential units located in eight three-story buildings. Deer Run West, completed in 2005, consists of 108 residential units in five three-story buildings. The two phases share a leasing center, common laundry, and playground. Deer Run at Northpointe is fully rent-restricted, providing affordable rental housing for 187 households earning no more than 60% of Area Median Income (AMI), and for 35 households earning no more than 50% of AMI. "Deer Run at Northpointe is a high-quality asset located in a vibrant and rapidly growing submarket," says Jeff Garrison, a Director at Security Properties. "This is a unique opportunity to preserve quality affordable housing in a market where demand for this product type far outweighs available supply."
Deer Run at Northpointe was acquired with a fixed-rate loan from Freddie Mac, originated by Jones Lang LaSalle. As part of the acquisition, the new ownership group opted to participate in Freddie Mac's "Green Up" program, which supports the implementation of energy efficiency and water usage upgrades. Over the coming months the new property management agent, Security Properties Residential, will oversee a "Green Up" effort that will extend to all residential units and community spaces.
Deer Run at Northpointe is Security Properties' third affordable housing acquisition in Washington. The company's Affordable Housing Group maintains a national footprint with an existing portfolio of more than 8,000 units across 57 low-income housing assets. Security Properties owns more than 13,500 conventional units across 53 properties.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 48 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.
About Pacific Life
Celebrating 150 years of service, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit www.PacificLife.com.