Security Properties Expands Washington Footprint
- Sep 18, 2019
Security Properties has expanded it’s Washington portfolio with the addition of Villas at Kennedy Creek. The 118-unit apartment community brings the company’s unit count in the Puget Sound market to 5,000.
Located at 1978 Trosper Road SW in Tumwater, Wash., Villas at Kennedy Creek was constructed in 2008. The Class A townhome-style multifamily property is spread throughout 16 buildings on the 12-acre site.
The property’s one-, two- and three-bedroom units have an average size of 1,156 square feet and are equipped with an electric fireplace, balcony or patio, and washer and dryer units. Nearly all of the units also come with a private garage space, either single or tandem. Residents also get access to the property’s amenities like the 5,000-square-foot resident clubhouse, the 24-hour fitness center, outdoor pool and spa and the barbecue and picnic areas.
While the property was recently built, Security Properties purchased the multifamily community with plans to upgrade. The company sees the Washington purchase as a longer-term yield investment and they’ll be renovating the unit interiors by upgrading flooring and appliances as well as improving the buildings’ amenities. The property will also be managed by Security Properties Residential, the property management affiliate of the company.
Alex Gauper, Security Properties’ investment manager, said Villas at Kennedy Creek would remain a desirable property due to the combination of the value-add enhancements they’ll be undertaking and the limited future apartment supply planned for the area.
With the purchase of Villas at Kennedy Creek, Security Properties now owns 38 properties in Washington state. In May, the company formed a joint venture with Rockwood Capital to acquire a 512-unit apartment community in Mountlake Terrace, Wash. And in 2018, Security Properties expanded its Washington portfolio with the purchase of a newly-constructed 162-unit community for $29.5 million last August and a 248-unit Class A multifamily property for $54.5 million last June.
Overall, the company owns 120 properties that total 24,000 units across its portfolio.