By Meghan Hall
Another apartment deal has closed, adding to the growing list of residential transactions that have been solidified before the year’s end. According to public documents, Seattle-based Security Properties Residential has brought on an equity partner for its Beaumont Grand Apartments in Lakewood. The transaction was finalized last week for $62.25 million.
The Beaumont Grand Apartments are located at 8504 82nd Street SW. Security Properties originally acquired the Class B multifamily property in February of 2017 for $35.2 million, or about $131,800 per unit. The 267-residence asset was originally developed in 1995 and consists of 23 two- to three-story residential buildings spread out over 11 acres.
Community amenities include an outdoor swimming pool and spa, sun deck, resident clubhouse and TV lounge, fitness room and indoor basketball court. Garage parking is also available to guests, as is on-site maintenance and management.
According to a statement made by Security Properties at the time, the firm looked into the submarket due to its strong economic drivers and limited residential supply. The company has undertaken repositioning of the asset, with business capital focusing on modernizing both the interior and exterior of the building. Major projects included roof replacement and a full exterior repaint. Many units are now equipped with black appliances, European cabinetry and wood-inspired flooring.
“Beaumont Grand is an inviting apartment home community in Pierce County’s second largest city, Lakewood, Washington. Located near I-5 and Joint Base Lewis-McChord, we welcome those in service to our country and all those seeking all this community has to offer,” the property’s website states. “…Choose from a variety of spacious and well-designed one-, two- and three-bedroom homes at Beaumont Grand, all with parking, full-sized washer and dryer and ample storage. The gated-access community offers a professional on-site management and maintenance team who actively work to make living at Beaumont Grand an excellent experience.”
Since its founding 1969, Security Properties and its partners have invested more than $2 billion in multifamily real estate, with a portfolio value of nearly $5 billion. To-date, the company’s portfolio includes 126 assets and 25,000 units, making it one of the largest owners of residential real estate in the United States.