Security Properties Expands WA Portfolio
The company acquired Insignia, a 162-unit apartment community in Bremerton, which brings its total in the Puget Sound area to 4,000 units.
After purchasing Marq on Martin for $54.5 million, a 248-unit community in Lacey, Wash., in June, Security Properties—along with a university endowment—has acquired Insignia, a newly constructed apartment property in Bremerton, Wash., for $29.5 million. This brings the firm’s total portfolio in the Puget Sound area to 19 assets comprising more than 4,000 units. Insignia will be managed by the company’s affiliate Security Properties Residential.
Located at 1060 Insignia Loop, the community features 162 one- and two-bedroom units, ranging from 773 to 1,035 square feet. Apartment interiors feature balcony/patios, fully equipped kitchens, fireplaces, breakfast bars, hardwood flooring, oversized closets, stainless steel appliances and washer/dryers. Insignia offers residents access to common area amenities such as a business center, a clubhouse, covered parking, extra storage, a hot tub, a pet park, a playground, a recreation room and on-site management and maintenance.
The new owner plans on making several upgrades to the property, including the addition of a barbecue area, a package locker system, an outdoor amenity space adjacent to the clubhouse, cabanas with new furniture around the spa and enhancing the dog park.
“With the recent development in the downtown combined with the launch of the Fast Ferry, expanding into Bremerton was an easy decision for SP,” said Davis Vaughn, senior director at Security Properties, in a prepared statement. “With these exciting growth drivers, we look forward to delivering outstanding returns for our investors.”