Security Properties Expands in Seattle

The company acquired a Bellevue, Wash., community for $28 million. The building offers studio, penthouses, one- and two-bedroom units. Madrona Ridge Residential will manage the property.
Soma Apartments

Soma Apartments

Security Properties has partnered with Cigna Investment Management for the $28 million acquisition of Soma Apartments, a 74-unit community in Bellevue, Wash. The company owns a total of 19 assets in the Seattle market. Madrona Ridge Residential will be managing the asset.

Strong-performing submarket

Located at 10703 W. Main St., the community is in close proximity to the Old Bellevue and to a variety of shopping, entertainment, restaurants and nightlife options. It is situated in the heart of Bellevue downtown, offering easy access to general stores and parks such as Wildwood Park, Downtown Park and Surrey Downs Park. Bellevue High School, Chinook Middle School and Enatai Elementary School are also nearby.

Built in 2011, the six-story building features studio, penthouse, one- and two-bedroom units ranging in size from 350 to 1,280 square feet, according to Yardi Matrix. Common area amenities include a business center on-site, a fitness center, a media room with big screen cinema and Xbox, a swimming pool, bike storage and penthouse-level cardio and yoga room.

“The core location, type one construction and boutique size make Soma a nearly irreplaceable asset.” Tad Johnson, investment manager at Security Properties, said in a statement. “As Downtown Bellevue’s already expansive employment base continues to swell, Soma is uniquely positioned to capitalize on the urban core’s growth by offering residents walkability to jobs and amenities. Upon execution of our business plan, residents will benefit from an upgraded living experience.”

Image courtesy of Yardi Matrix