Security Properties Buys Seattle Luxury Apartments
The firm's 31st Puget Sound community is flanked by 1,200 acres of public parks and a wildlife refuge.
Security Properties Inc. has completed its purchase of Toscana Apartments, an 11-building, 393-unit luxury apartment community located at 6979 Birdseye Ave NE in Lacey, Wash. Security has several investments planned for the community, including maintenance and amenity upgrades. Additionally, the firm is assuming property management duties through Security Properties Residential.
Toscana Apartments was constructed in two phases and completed in 2019 and 2021, respectively. The community offers a mix of studio, one- and two-bedroom living arrangements averaging 797 square feet, spread over five three-story and six four-story buildings. Units include private patios and decks, stainless steel appliances, quartz countertops, customizable cabinets, hard-surface flooring and individual laundry machines. Residents have access to a clubhouse, swimming pool, fitness center and landscaped walking trail. The property is flanked by more than 1,200 acres of public parks, in addition to a 3,700-acre wildlife refuge. Situated above Interstate 5, the community is within 5 miles of the state capital, 20 miles of Tacoma and less than an hour’s drive from Seattle.
Security’s Seattle stronghold
The purchase of Toscana Apartments marks security’s 31st asset in the Puget Sound market. The firm recently acquired 642 Yale, a 206-unit luxury community in Seattle for $104 million, and had recently worked alongside MetLife Investment Management in financing The Confidential, a 212-unit high-rise development in the same city.
The multifamily sector in and around Seattle is experiencing a strong recovery, as the city’s expansion of its tech, professional and business sectors has attracted investment from many large companies, including Microsoft, Amazon and Meta. The current construction pipeline is skewed toward luxury projects, which account for 80 percent of ongoing developments, according to a July 2022 report from Yardi Matrix.