Security Properties Scores $104M Luxury Asset

CBRE represented the seller of the 206-unit community in Seattle.

624 Yale. Image courtesy of Porchlight Photography

The Blume Co. has sold 624 Yale, a 206-unit luxury community in Seattle, for $104 million. The buyer was Security Properties, which also took out a $53 million loan from Metropolitan Life Insurance Co. for the purchase, according to Yardi Matrix data. CBRE represented the seller.

Built in 2018, the nine-story multifamily property encompasses studio, one- and two-bedroom units between 338 and 1,098 square feet, equipped with washers and dryers. Common-area amenities include a business center, a fitness center, a clubhouse, a lounge and two rooftop terraces.

Located at 624 Yale Ave. N. in South Lake Union, adjacent to Interstate 5, the property is some 2 miles from downtown Seattle and 2.5 miles from the University of Washington. The luxury asset is close to multiple dining and retail venues, and within walking distance of several tech and life sciences employers.

CBRE Vice Chairmen Jon Hallgrimson and Eli Hanacek, together with Executive Vice President Mark Washington and First Vice President Kyle Yamamoto, worked on behalf of the seller.

Expanding its Seattle footprint

According to Yardi Matrix information, Security Properties currently owns more than 5,600 units, both completed and under construction, in the Seattle metro area. Earlier this year, the firm obtained $193 million in debt and joint venture equity for a 29-story, 212-unit development underway in the Belltown submarket.

The same data provider shows nearly 10,000 multifamily units have changed hands in Seattle since the beginning of the year. The amount is 13.6 percent higher than the sales volume recorded in the same period of 2021, when only 8,800 units traded.

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