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Security Properties Buys Kent’s Midtown 64 Apartments for $141.1MM

Security Properties has once again added to its already prolific Washington property portfolio. In a deal that closed yesterday, the firm purchased Kent’s Midtown 64 Apartments for $141.1 million, or about 386,575 per unit. Public records indicate that the seller was Seattle-based firm Goodman Real Estate.
 

The property is located at 24615 64th Ave. S. and was completed in 2020. According to Apartments.com, the asset’s 365 units are made up of studio, one- and two-bedroom units ranging in size from about 400 square feet to 1,200 square feet. 29 units are also designated as live/work residences. Apartments are equipped with walk-in closets, hardwood floors, air conditioning and quartz countertops. 

Community amenities are also expansive. Residents have access to a dog park, fitness center with outdoor deck, game lounge, kitchen pantry, pool, bocce ball court, playground and yoga studio. Retail space is located along the ground floor.

“Capitalizing on its location at the busy intersection of West Meeker Street and 64th Avenue, this mixed-use community incorporates apartment residences and a significant number of retail spaces,” states architecture firm Studio Meng Strazzara on its website. “Midtown 64 includes apartments in three podium buildings and two garden-style walk-up buildings. Incorporating two types of multifamily buildings into the site creates the opportunity to provide a variety of unit layouts. With more unit options, the community is able to meet the needs of a wider audience, helping to create a more diverse resident profile.”

The Midtown 64 Apartments are also near several restaurants and shops, including Safeway, egghole, Rite Aid, McDonald’s and Asadero Sinaloa. Kent Station, Hogan Park and other Riverview Park are also located nearby.

In recent years, Security Properties has invested prolifically into Puget Sound commercial real estate. Most recently, the company spent $44 million to bring on an equity partner for Trax at Dupont Station. In March of 2020, the firm acquired the Westview Village Apartments for $34.4 million, and at the end of 2019, the company paid $163.3 million for the Issaquah Anthology apartments. 

According to Security Properties’ website, the company has acquired or developed 800,000 units across 530 assets at a cost of $5.3 billion. The company has also sold 63,000 units for $3.4 billion across 432 different properties. Currently, the company’s active portfolio totals 25,816 units in markets such as California, Texas, Oregon, Virginia, and Pennsylvania among others. In Washington State specifically, Security Properties owns 41 different properties, making the Pacific Northwest one of its most active markets.