Security Properties Buys 2 in Seattle for $199M

2 min read

The garden-style properties total 480 units.

207 East Apartments. Image courtesy of Security Properties

Security Properties acquired a two-property multifamily portfolio in the Puget Sound region near Seattle from The Wolff Co., for $198.8 million. The garden-style residential buildings include the 207 East Apartments in Edgewood, Wash., and the Helm Apartments in Everett, Wash.


READ ALSO: Security Properties, Rockwood Acquire 938-Unit Portfolio


The 288-unit 207 East Apartments is located at 207 Meridian Ave. E., and offers a mix of one-, two- and three-bedroom apartments, averaging 871 square feet. Unit amenities include stainless steel appliances, high ceilings and oversize windows, walk-in closets, wood-inspired flooring, quartz countertops, washers and dryers, private patios/balconies.

207 East Apartments also offers a clubhouse with fireplaces and big screens, a community kitchen with an espresso bar, a game room with billiards, a conference room, a 24-hour fitness studio with protein shake machine, 24/7 package lockers, a pool and spa, an outdoor lounge with ping pong, barbecues and a fireplace. Detached garages are also available to residents for a fee.

The 192-unit Helm Apartments is located at 128 127th St. and offers a blend of one-, two- and three-bedroom apartments, averaging 827 square feet. Unit amenities include stainless steel appliances, walk-in closets, wood-style plank flooring, washers and dryers, private patios/balconies.

Helm Apartments also offers a clubhouse with fireplaces and big screens, a community kitchen with an espresso bar, a game room with billiards, a conference room, a 24-hour fitness studio with protein shake machine, 24/7 package lockers, a pool and spa, an outdoor lounge with barbecue grill and a dog park. Detached garages are also available to residents for a fee.

Location Details

Helm Apartments. Image Courtesy of Securities Properties

Developed in 2021, 207 East Apartments is in Pierce County about 8 miles east of Downtown Tacoma. Edgewood is positioned between I-5 and Highway 167, the region’s two major thoroughfares. The county boasts a thriving economy anchored by Joint Base Lewis McChord, CHI Franciscan Health, MultiCare Health System and the Port of Tacoma.

Developed in 2020, Helm is adjacent to I-5 in South Everett and is strategically located at a pivot-point location in South Everett near Mill Creek. Residents have easy access to Everett’s Aerospace Corridor, anchored by Boeing, Bothell’s biotechnology corridor, as well as the technology employment hubs in Seattle and Eastside.

Both properties will be managed by Security Properties Residential, the affiliated property management firm of Security Properties.

Davis Vaughn, senior director at Security Properties, noted in prepared remarks the new additions were an ideal fit, as the firm has been investing in higher quality, newer assets in secondary locations that have been historically undersupplied. The firm’s newest acquisition expands Security Properties’ portfolio to more than 131 assets totaling more than 27,553 apartment units, including 7,850 units in the Puget Sound region.

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