Seattle—Security Properties has announced the acquisition of Beaumont Grand, a 267-unit, Class B multifamily property, for $35.2 million. The property will be managed by Security Properties’ affiliate, Madrona Ridge Residential.
Located in Lakewood, Wash., the property was built in 1995 and consists of 23 buildings, two- and three-bedroom units dispersed on an 11-acre parcel of land. The property’s strategic location offers convenient access to two of the area’s largest employees, Joint Base Lewis-McChord, the largest military base on the west coast, which supports a total of 66,000 jobs, and Western State Hospital, which employs approximately 2,000 people.
One of the strongest points of the property is the size of the units. At an average of 939 square feet, Beaumont’s floor plans are by far the largest in its competitive set. The company plans to renovate all units by including black appliances, cabinet doors with modern pulls, upgraded lighting, paint and baseboard along with flooring.
“This was a basis buy for us in a submarket with zero supply. We believe in JBLM long term and like opportunities where we can come in significantly below replacement cost. With a low basis and value-add upside, we expect this acquisition to outperform the overall market and create value for our investors,” Davis Vaughn, director at Security Properties, said in a statement.
Image courtesy of Security Properties