Security Properties Expands Its Seattle Portfolio
Together with Intercontinental, the company purchased the five-story building located near Seattle’s Central Business District. The average rental rate was $1,493 as of May.
By Adina Marcut
Security Properties continued its Seattle multifamily expansion with the acquisition of Echo Lake Apartments, a 289-unit community located in Shoreline, Wash. The company purchased the asset in a joint venture with Intercontinental Real Estate. Madrona Ridge Residential will manage the property. According to Yardi Matrix, Inland Group sold the asset for $85.5 million, or $295,847 per unit.
Located at 1150 N. 192nd St., Echo Lake is adjacent to SR 99 and Interstate 5, offering direct routes north to Everett and south into the Seattle CBD. The location offers a diverse range of transportation options as well as access to Echo Lake and Echo Lake Park, an expansive green space with boating, fishing, picnic area and a lake trail that connects into the 24-mile interurban Trail, and to Seattle’s Central Business District the Pacific’s Northwest’s largest employment center.
Built In 2009, the five-story building features studio, one-, two- and three-bedroom units ranging from 516 to 1,237 square feet. The building also offers approximately 9,000-square-foot retail space. Common amenities include a 24-hour state-of-the-art fitness center, a business center, clubhouse, swimming pool and a total of 433 parking spaces. According to data provider Yardi Matrix, the average rental rate was $1,493 as of May.
“Echo Lake Apartments falls right in line with our strategy of buying in the best micro-location in a submarket. With direct access to Echo Lake Park, this asset has a significant competitive advantage in its setting overt other apartments on the area,” Davis Vaughn, director at Security Properties, said in a statement. “Once we execute our business plan, we will be able to fully capitalize on the location by offering renters a high-end product adjacent to a lake that will be unmatched in Shoreline.”
Image courtesy of Yardi Matrix