Security Properties Sells Seattle-Area Asset for $49M

The asset last traded six years ago, for $29.5 million.

Insignia Apartments, a multifamily community in Bremerton, Wash.

Insignia Apartments. Image courtesy of Jennifer Clark Porchlight Photography

Security Properties has sold Insignia Apartments, a 162-unit multifamily community in Bremerton, Wash., for $48.5 million. CBRE represented the seller. The property last traded in 2018, when the current seller acquired the asset for $29.5 million from DRK Development, according to Yardi Matrix.

Completed in 2018, Insignia Apartments offers one- and two-bedroom floorplans across 12 buildings, with an average unit size of 811 square feet. Community amenities at the garden-style property include a fitness center, rec room, business center, playground and dog park.

Located at 1060 Insignia Loop, the community is situated off Wheaton Way, which offers several retail and dining options just north of the property. Large employers nearby include St. Michael Medical Center and Naval Base Kitsap. Downtown Bremerton and the Puget Sound Naval Shipyard are 3 miles to the south.

Eli Hanacek, vice chairman with CBRE, said in prepared remarks that the community’s location in a growing suburb that also offers easy access to downtown Seattle, alongside the area’s historically tight apartment vacancy, were part of the property’s investor appeal.

Hanacek, alongside Vice Chairman Jon Hallgrimson, Executive Vice President Mark Washington and First Vice President Kyle Yamamoto, all with CBRE’s Pacific Northwest multifamily team, represented the seller. Recently, the same team closed on the sale of Totem Lake by Windsor in Kirland, Wash., which traded for $242 million.

In another recent move, Security Properties acquired, in a partnership with Tokyu Land US Corp., a 248-unit multifamily asset in metro Denver, for $78.5 million.

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