Home Finance Security Properties Buys SEA MSA Apartment Portfolio for $198.75MM

Security Properties Buys SEA MSA Apartment Portfolio for $198.75MM

Revantage, Edgewood, The Wolff Company, Seattle,

By Meghan Hall

Multifamily deal volume continues to gain momentum, even as 2021 comes to a close. In two deals that just recorded today, Edgewood’s 207 East Apartments and the Helm Apartments in Everett have traded hands for $198.75 million. Public records show that the buyer of the complexes was a limited liability company affiliated with Security Properties. The seller was Scottsdale, Ariz.-based The Wolff Company. 

“As the largest buyer in the Pacific Northwest for the past few years, we were excited about the opportunity to expand our footprint in the region,” said Security Properties’ Senior Director Davis Vaughn. “These were a fit as a specific target for us has been buying higher quality, newer assets in secondary locations that have historically been undersupplied.  We look forward to creating value for our investors by being able to offer a superior product and resident experience to the markets these assets serve.”

The 207 East Apartments sold for $122 million, or about $417,808 per unit, according to public records. The garden-style apartment asset is located at 207 Meridian Ave. E. and is known as the 207 E. Apartments. Units are a mix of one-, two- and three-bedroom floorplans and are equipped with high ceilings, subway tile backsplashes, modern cabinets, quartz countertops and more. Units range in size from about 626 square feet to more than 1,200 square feet.

The property’s community amenities include clubhouse lounges with fireplaces and big screens, a game room, community kitchen, fitness studio, resort pool, and a yoga and spin room. 

According to The Wolff Company’s website, the property totals 292 units and sits on 16.31 acres. The property consists of six individual parcels with frontage on Meridian Ave. E. and is accessible via Interstate 5 and Highway 167.

The second asset, the Helm Apartments, sold for $76.75 million, or about $399,739 per unit. The asset totals 192 apartments and, like 207 East Apartments, was constructed in 2020. According to Security Properties, the company was interested in the asset because of its proximity to Bothell’s growing life sciences hub.

Since 2000, Wolff has invested in, acquired or developed more than 150 multifamily assets and more than 35,000 multifamily units.Typically, Wolff targets the acquisition or creation of high-quality, institutional-grade multifamily communities. Currently, the company has more than 9,000 units at various stages of development.

The deal is the latest in a string of recent apartment sales across the Puget Sound. Just this past week, Starwood spent $329.7 million to acquire a portfolio of five assets from Stata Equity Group. In Bellevue, while  a senior living community sold for $45.4 million. A number of smaller deals have closed as well. Combined, they give insight into the market’s increasing momentum heading into the new year.