As the Seattle-area residential market heats up, there should be no surprise that investors are targeting any multifamily properties they can find. Security Properties recently closed a deal making it the new owner of a Mukilteo apartment property. The company paid $49.6 million to seller Pacific Urban Residential.
According to the Puget Sound Business Journal, the acquisition nearly doubles the number of residential units that Security owns in Snohomish County. The company specializes in the development and acquisition of multifamily properties near the Puget Sound.
Located at 12303 Harbour Pointe Blvd., On the Green at Harbout Pointe gets its name from its position, directly adjacent to a golf course. The property offers up a number of 294 units, bringing Security’s total close to 600 residential units in three properties in Snohomish.
The property was acquired through a partnership with an unnamed institutional investor, while financing was obtained via a 10-year Freddie Mac loan at around 3.6 percent. According to Security Properties’ CEO, Tim Overland, the anticipated rate of return for On the Green at Harbour Pointe is approximately 5.5 percent.
PSBJ noted that the appeal of Snohomish County comes from the fact that the area has seen fewer units developed than the nearby King County. This means that properties in the area should have more opportunity for rental rate and occupancy growth.
Image courtesy of facebook.com/onthegreenhpb