DUPONT, WA – Security Properties purchased Clock Tower Village Apartments located at 1090 Ross Avenue, DuPont, WA. The previous owner was Clock Tower Village LLC.
Security Properties paid $30 million with a loan assumption requiring over 37% down assuming two loans totaling approximately $18.8 million at 5.5% due in March 2020. Clock Tower Village closed on February 19th, 2016.
Originally built in two phases, 1997 & 2005, Clock Tower Village Apartments has a blend of 14 different floor plans with a mix of one, two, and three bedroom units with an average size of 1,046 square feet distributed across 33 buildings. The apartment complex is located in the heart of Northwest Landing, a master planned community within the city of DuPont.
Summerfield Commercial Real Estate Services LLC represented both Buyer and Seller. The brokers involved were Robert Parmar, Greg Wendelken and Ryan Kidwell. Summerfield Commercial has offices in Seattle Washington, Portland Oregon, and opening a Phoenix Arizona office 2nd quarter of 2016.