A joint venture between Security Properties and Rockwood Capital has acquired Taluswood, an apartment community in Mountlake Terrace, Wash. Built in 1987, Taluswood features 512 apartments across 41 acres.
Taluswood is one of the largest garden-style apartment communities north of Seattle. The partners intend to initiate an improvement program that will result in renovations to unit interiors, upgrades to common areas and exterior painting. The property will be managed by Security Properties’ affiliate Security Properties Residential.
The Taluswood purchase is one of several recent transactions for Rockwood Capital. In March, the firm refinanced a nine-property portfolio with a $700 million loan arranged by CBRE.
“The purchase of Taluswood entailed) a very competitive bid process as the opportunity to buy well-located, value-add of scale in Seattle is rare,” Davis Vaughn, senior director at Security Properties, told Multi-Housing News. “We did an extensive amount of due diligence during the bidding process so that we could convey conviction in our price and terms to the seller.”
Taluswood’s location helped attract the joint venture. The community features convenient access to employment hubs in Everett and Seattle, as well as the East Side’s high-tech corridor, featuring employers like Microsoft and Google. More than 38,000 workers are employed at Boeing’s 100-acre, 472-million cubic feet assembly plant 25 minutes north from Taluswood. East of Taluswood lies Bothell, a business hub that serves as headquarters to Blue Heron Biotechnology, AT&T, Lockheed Martin, and Seattle Genetics. Being just 25 miles north of Seattle, residents also have access to employers that include Amazon, Facebook, University of Washington, Tableau and Providence Health.
Sound Transit’s Link Light Rail plans to complete by 2024 an extension of service to the 236th Street SW and Interstate 5 intersection approximately 1 mile west of Taluswood, which should further enhance resident accessibility to major employment centers.
Additional attractions include a wide range of shopping centers, including Alderwood Mall, Northgate Mall and Park Hills Shopping Center, which collectively deliver a broad array of retail and restaurant alternatives, from Nordstrom, REI, Apple, Target and Macy’s to Panera and Starbucks. Those seeking recreation will find 60-acre Terrace Creek Park and 55-acre Ballinger Park each within a five-mile drive.