Seattle—Security Properties and Pacific Life Insurance Company have acquired Overlook at Lakemont. The 400-unit, Class B multifamily property in Bellevue, Wash., was purchased for $118 million in Security Properties’ first joint venture with Pacific Life. The property will be managed by Security Properties affiliate Madrona Ridge Residential.
Overlook is located in the prestigious Lakemont community, where within the three-mile radius encircling the property, average income is $130,000 and average home price is almost $900,000. The Issaquah School District of which Lakemont is part is continually among the top-ranked districts in Washington State. The area delivers a suburban, low-density ambiance but offers “walkable retail” that includes a high-end supermarket and a Starbucks.
Overlook is nearly a quarter century old but is in near-original condition. Plans call for changes that will leave this an A+ location, including renovations to individual units and clubhouse, roof replacement, recladding the exterior and undertaking exterior painting.
Lakemont Park sits to the northeast of the property, Lewis Creek Park to the southwest. Cougar Mountain Park, a 5,000-acre protected wildland area for hiking and horseback riding, is less than one mile east. Within six miles of Overlook are a number of major employers, including Microsoft, Costco, Expedia, T-Mobile, Paccar and Puget Sound Energy.
“This was a rare opportunity for us to buy in one of the best residential neighborhoods in the Seattle metro,” said Davis Vaughn, Security Properties investment manager. “The quick I-90 access provides convenient commuting to some of the top employers in our region and the area demographics are outstanding. We think our renovation program will absolutely transform the asset, and provide the high-quality product that Lakemont expects.”
Heitman was the seller of Overlook at Lakemont. The sale was led by Jeff Williams, Chris Ross and Tim Brown of Moran & Company. Security Properties is a national real estate investment, development and operating company with headquarters in Seattle.