Security Properties Buys $26M Community in Seattle
Security Properties purchased the 124-unit community and plans to renovate the 96 original units. Madrona Ridge Residential, an affiliate of the company, will manage the property.
By Adina Marcut
Security Properties acquired Bordeaux Apartments, a 124-unit community located in Bothell, Wash., for $26 million. Security Properties affiliate Madrona Ridge Residential will manage the property.
Located at 16520 N. Road, the building is situated close to Interstates 5 and 405, offering access to three of Seattle’s largest employment centers and to Alderwood Mall, a 1.3 million-square-foot regional shopping center.
The two-story building consists of two- and three-bedroom units averaging 1,033 square feet, according to Yardi Matrix data. Common area amenities include a fitness center, clubhouse, playground, swimming pool and spa. The company plans to renovate the 96 original units by adding black appliances, new cabinet doors, flooring, interior paint and plumbing fixtures.
“Bordeaux offered us an asset priced significantly below replacement cost in an area with convenient access to both jobs and retail. Bordeaux has value-add potential we will unlock with our renovation program and enhanced management. As the Seattle MSA continues to grow, we expect this location to thrive, resulting in excellent returns for our investors,” said Davis Vaughn, director at Security Properties.
The company added the asset to its portfolio of 17 properties in the Seattle market.
Image courtesy of Yardi Matrix