Security Properties Expands Its WA Portfolio
- Nov 03, 2017
Security Properties has added another residential property to its Washington portfolio by acquiring Trax, a 178-unit community in DuPont, Wash. for $32.3 million. Security Properties Residential will handle property management duties at the asset. Spokane, Wash.-based Garco Construction—a general contracting company that designs and builds a variety of property types nationwide—sold the asset for $181,180 per unit.
Located at 930 Ross Loop, roughly one mile from DuPont’s core, Trax offers convenient access to major employers including Intel, JBLM and State Farm Insurance. Additional employment in DuPont include Amazon’s Fulfilment Center.
Additional retail space
The five two-, three- and four-story buildings offer a mix of studios, lofts, one- and two-bedroom units ranging in size from 425 to 1,219 square feet. Completed in 2013, Trax’s in-unit amenities include balcony/patio, dining room or eat-in kitchen, dishwasher, heat, fireplace (in selected units) and walk-in closets. The pet-friendly community features common area amenities such as:
- business center
- basketball court
- swimming pool
- hot tub
- laundry facilities
Additionally, Trax offers approximately 11,000 square feet of retail space. According to data provider Yardi Matrix, the community was 95.5 percent occupied as of September and had an average rental rate of $1,370.
“The market fundamentals in DuPont are strong and this asset is best in class. DuPont offers an attractive quality of life and is proximate to major durable employment drivers – notably JBLM,” Investment Manager at Security Properties, Tad Johnson said in a statement. “We expect this acquisition will create value for our investors with new management and thoughtful capital execution.”
Image courtesy of Yardi Matrix