Safety Properties Expands Portfolio With Two Property 480-Unit Multifamily Acquisition in Seattle Submarkets for $198.75 Million

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Security Properties Expands Portfolio With Two Property 480-Unit Multifamily Acquisition in Seattle Submarkets for $198.75 Million

SEATTLE, WA – Security Properties has completed the acquisition of a portfolio of two properties in the Seattle MSA. The acquisition includes 207 East Apartments, a 288-unit Class A multi-family garden in Edgewood, WA, and Helm Apartments, a 192-unit Class A garden in Everett, WA. Both assets were developed in 2020 and are the best on the market. Security Properties now owns over 131 assets for a total of over 27,553 apartment units across its portfolio, including 7,850 units in the Puget Sound area.

207 East is in Edgewood, a small and quiet residential town between the area's two major highways (I-5 and Hwy 167) and eight miles east of downtown Tacoma. Edgewood is in Pierce County, an area that has benefited greatly from internal migration in recent years as residents seek to escape the high cost of living in neighboring markets to the north. The county appeals to many for its strategic location that provides convenient access to the employment centers in Olympia and Seattle. The county also has a thriving economy anchored by Joint Base Lewis McChord, CHI Franciscan Health, MultiCare Health System, and the Port of Tacoma, which, along with the Port of Seattle, forms the fourth largest container gateway in North America.

Helm is located off I-5 in South Everett, a submarket north of Seattle. SP has actively focused on peripheral sub-markets that are faced with limited supply, have robust rental growth and offer a strong value proposition as an alternative to the urban core. Helm is strategically located on a fulcrum in South Everett near Mill Creek. Residents have easy access to Everett's Aerospace Corridor, anchored by Boeing, to the Bothell Biotechnology Corridor, and to the technology employment centers in Seattle and Eastside.

Davis Vaughn, Senior Director at Security Properties, said, “As the largest buyer in the Pacific Northwest in recent years, we were excited to have the opportunity to expand our presence in the region, purchasing higher quality, newer assets in secondary locations that we did in the past were undersupplied. We look forward to adding value to our investors by delivering a superior product and experience to the markets that serve these assets. "

Source: Security features

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