By Kate Snyder
Another apartment complex has traded hands in Puyallup recently. The 147-unit Brookstone at Edgewater Townhomes was sold for $54 million, or approximately $367,346 per unit, in what appears to be an equity deal, as both the buyer and seller were entities affiliated with Security Properties, according to Pierce County public records.
Located at 7513 177th Street Ct. E, Brookstone was built in 2013 and offers a mix of two- and four-bedroom apartments, according to Apartments.com. The townhomes feature interiors with nine-foot ceilings, cherry cabinetry, upgraded appliances, full-sized washers and dryers, walk-in closets and balconies. Community amenities include a park, off-leash dog park, and barbecue and picnic area.
Nearby is the industrial hub Frederickson, which has several warehouses and business parks as well as undeveloped wooded land. Mount Rainier and Mount Olympia are short distances away to the west, and Mount Rainier National Park provides hiking, mountain climbing and camping opportunities. Joint Base Lewis-McChord is located directly west of Frederickson.
Founded in 1969, Security Properties and its partners have invested over $2 billion of equity in multifamily real estate, representing a portfolio value of nearly $5.9 billion, according to the firm’s website. Security Properties’ current portfolio reflects interests in 113 assets encompassing nearly 22,354 multifamily housing units, including properties under construction.
“Security Properties believes in proactive communications with partners, lenders and employees, and invests heavily in the training of its people to ensure the longevity of our business relationships,” the company’s website states.
Security Properties has been involved in several real estate transactions in the Seattle area in the past year. In one recent deal, the firm purchased Toscana Apartments, a Class-A multifamily property located in Lacey, according to The Registry’s previous reporting. The property sold for $124 million, or about $315,521 per unit. Located at 6979 Birdseye Ave NE, Toscana is a 393-unit garden-style community that was delivered in two phases between 2019 and 2021. The apartments are spread across six four-story and five three-story residential buildings as well as a two-story clubhouse.